Interesting stock CEP. The "flying pennant" looks good for long, but the MACD looks butt ugly. It is in such a no mans land between Fib's they give no guidance.
The channel I drew really seems to work...so this might go to test the lower channel before it heads back towards 50%.
Let me know what you think? I'm am kind of more temped to do something like short FSLR as a related oil price play.
JPM - looking to buy puts on a ramp up
Steveo, Place obvious retracements on the SPX from 08 highs to lows.
ReplyDeleteNow place fib extentions at March Low, March high, and 3/30 low.
These dates shift a bit from security to security. One interpretaion might be that we see charts pause here beteween a tight retracement and extention battle. I'm seeing this everywhere. EB
Anon -
ReplyDelete"march low march high..." is as orbitrary of a placement for fibs as it gets. following that logic why not to place is at feb low jan high?
You always have to use either "absolute fib 0 to high" or "comparable highs with low in between" and vice versa
JMHO based on 20 years of mistakes
DavidDT wrote, in response to steveo77:
ReplyDeleteSteve,
for some reason I could not paste links to charts on your blog's comments
so here they are BIDU daily
http://screencast.com/t/qIvGBmSH1jn
30min
http://screencast.com/t/JRNF2N3ei
I see BIDU as very shaky short right now, it will depend if it will stay under 298 on daily close, and I am afraid it will not, what you see as rising wedge, I see as ascending triangle (clearly visible on 30 min chart)
At least risk level is clear for this trade
as for "numbering" - do google on DeMark TDSequential
Link to comment: http://evilspeculator.com/?p=8548#comment-11543894