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BKX Bank Index - Daily, Weekly & 135 minute

Chopshop's picture




 

Technician's Corner

BKX Daily


~ ho-hum tweezer top daily candlestick within congestion masks two concurrent 'top' cycles ~

 

BKX Daily

 

BKX Weekly


~ 29 weeks, running firmly in place, going absolutely nowhere ~

 

BKX Weekly ~ 29 weeks, running firmly in place, going absolutely nowhere

 

BKX 135-minute


~ MUST clear 47.54 to have any chance and needs to puncture 47.84 to be anything but dead upon arrival ~

(135 min ~ c. 1/3 cash session of 6.5 hours)

 

BKX 135 min

 


 

Disclosure: no position in the
securities / index mentioned at the time of publication (even though the XBD is looking fugly). During any given
session, we may trade any of these instruments bi-directionally.

 

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Thu, 02/25/2010 - 00:49 | 244535 Grand Supercycle
Grand Supercycle's picture

 

Dollar rally continues and the recent equity counter rally has finished.

http://www.zerohedge.com/forum/market-outlook-0

Wed, 02/24/2010 - 20:59 | 244238 deadhead
deadhead's picture

After running firmly in place, going absolutely nowhere, for 29 weeks, the BKX Bank Index is (still) coiling, (still) marking time before it leaps off the ledge. Tik-Tok, Tik-Tok

Man, ain't that the truth!

Thanks for the update, Chop... enjoyed the chart.  

If you are familiar with Kenny, he put up a bkx chart today and I can't remember the last time he did....fwiw, I think highly of Kenny and his charting ability (EW and classic).  As you can see, he's got your 47.84 fib as well.

 

 

 

http://3.bp.blogspot.com/_goypolxEFd4/S4Vt0YmiU6I/AAAAAAAAEME/vxWGuu4SAx...

Wed, 02/24/2010 - 23:25 | 244432 Chopshop
Chopshop's picture

thx, deadhead, glad ya enjoyed.

try to stay away from the elliott of things; think i do a fair enough job of off-putting as is w/o bringing R.N. into the fold.  fwiw, i think EW is best employed off-peak and ought only serves as a secondary confirming / non-conforming 'sentiment'-type indicator alongside many others.  that said, i really do believe that an extremely nuanced understanding of elliott wave theory (strong emphasis on theory) can help shed great light on pivotal junctures at Primary degree n above.  was just speaking about this earlier with a few prop guys, ie. the week before march 6 BKX / XBD bottom at 14:00 - 14:30, where they broke the F out from the 2 min through the 89 even  .... INX plotted high wave daily candlestick on the 6th, signaling "watch out for a marked change w/in the character of price action" ... buffett's letter to shareholders with hat in hand was the cherry on top of insanely pessimistic 'sentiment' measures that bookmarked massively pronounced positive divergences across innumerable technical measures ..... point is ~ w/o elliott wave theory, it was nearly impossible to be thinking anything but crashola / end of world / feeling beyond miserable.  E-dub helped shed light on an ending diagonal (though almost never helps with extensions of) and the theory of helped confirm where 'we were' w/in larger Primary wave n above scheme o' things.  again, right now, at what we elliotticians believe is the end of P2 / very onset of P3 down, is a similar juncture where, at the very least, a practical application of e-dub principle / theory dictates simple prudence for portfolio mgmt / allocation.  the 'official' elliott wave 'investment' stance is one thing and really one thing only ~ rolling 3 months Treasuries (how's it worked last 10 years, hah !).  

long n short is that we're insanely devout elliotticians but such is literally the umpteenth thing we're even thinking bout, after dozens of actual technical measures.  can't speak for Fib, who is truly welles wilder-y in his approach to mkts, but i'm always 'thinking' e-dub, but always as an afterthought.  it really will kill traders during peak hours bc its anything but leading or precise (until you catch a 3 of 3 etc.). sorry for ranting so much, am easily excitable, get geeked up over trading / trying to teach a bit (n flailingly so) n E-dub is especially near n dear to my heart.

what's the name of kenny's site, hook a brother up, would like to check it out.

Thu, 02/25/2010 - 08:41 | 244693 deadhead
deadhead's picture

firstly, thanks to Andrew for linking to Kenny's site. Chop...i'm glad that you ranted as I appreciate the insight and try to further edumacate meself every day!

 

Over the years I have tried to learn the basics of just about every technical/theoretical approach and then hone in on the finer details, EW being no exception.  I have purposely not allowed myself to be enamored to any one of them cuz nobody's perfect as  you well know.  I do force myself to consider all of them so that i have an idea what different groups are thinking.  and yes, looking for that 3 of 3 high percentage bet for sure!!!  as you know, a 3 of 3 (of wave 1 of P3) is in the cards right now if their counts hold.  ]

thanks again for your technical insights....always very appreciated!

 

definitely ck out Kenny.....does a great job with charts and has yrs of experience and he does know of what he speaks.

Thu, 02/25/2010 - 21:21 | 246057 john_connor
john_connor's picture

DH, I like this guy too.  He often refers to Kenny.

http://danericselliottwaves.blogspot.com/

Do NOT follow this link or you will be banned from the site!