wayward1's 17 screen ta setup for xjo tuesday, page-21

CEB - that was a bit mean - I do have one screen but my walls are covered in charts. Need more/bigger walls - not more screens.....

Enough frivolity - this is a serious business.

Welcome to the world of Fourth waves. I suggested that this correction would be confusing and complicated simply because it is balancing a Wave 2 that was very straight forward. But I admit that I am even surprised at some of the twists and turns. Did you notice last night that they wacked AAPL but then took IBM to a new high for the year. Took Freeport and Alcoa out behind the shed and shot them both. I’m sort of thinking that Freeport (which is one of my main indicator stocks) is getting back towards a support level where it could have a bounce. And then the Russell 2000. Was going down way before most of the market. But got back to oversold and formed a nice little candle last night. The Transports something similar – traded back to the 89 ema and then consolidating. The Utilities have been doing that for six weeks. The most actives were a total disaster despite the late rally in the overall market with only one up - AT&T. The SPX eventually broke the uptrend that everyone has been perspiring over and was then ignored. The Advance/Decline that has been so strong on the NYSE has broken its uptrend but at the same time the $NYMO indicator is getting back towards oversold already. And the number of stocks trading above their 50 dayMA looks to have rolled over. Talk about a bi-polar market......

Our market is much the same. The Small All Ordinaries looks more like the SPX than the other indices. I plot the 20 Leaders and the Small All Ords on the same page and the difference is quite stunning. Whether to buy or not. I actually bought a stock back yesterday that I sold last week – probably regret it in a couple of more days!! But some things have had nice corrections here which make it hard to ignore.

Who ever thought this game was boring.