I think XLF should print a top in the $14-16 range and then start a downtrend back to the $10 range. I will start scaling in short positions in this zone.
Notice on this long-term chart that XLF is backtesting some strong trendlines. These should provide overhead resistance.
On the daily chart, it definately looks like XLF is carving out an ABC, especially considering that price busted above $13 without a pullback beforehand. Furthermore, price is going parabolic into WaveC which tells me that sentiment is becoming too bullish. We could see price rally into the $16 zone, but there should be a $3-6+ correction soon.
2 comments:
look at your past posts. you are like a broken clock calling tops everyday with no explanation.
:doh:
Indian Institute of Technology Bombay,
Vinaydh of http://thinkingtrades.com/claims he is an engineering graduate from IIT Delhi, India. He is charing subscription fees of $99/Monthly , $249/Quarterly , $799/Yearly .
Someone with tony123 nickname has been falsely advertising his tracking records.
It is obvious that thinkingtrades.com was completely wrong about this rally during March and April and that the only time he made money was with his model portfolio.
Vinaydh posted his record of model portfolio only. He kept deleting my postings of his wrong forcasts during those months, and blocked my postings.
He is violating numerous laws concerning investment advisory services. I'd like request IIT Bombay contacts him to find whether he is an graduate from the school, and advise him to stop wrongdoings.
Sincerely,
attachment:
Track record from 06/05/09 - 06/26/09
Time to get out of longs
April 19, 2009 at 7:54 pm
by vinaydh
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The correction has begun
April 20, 2009 at 8:47 pm
by vinaydh
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The long awaited correction is finally here. I am looking for a minimum pull back to the 770-780 level.
April 30, 2009 at 9:34 pm
by vinaydh
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I am short at present
Short term top is near or is in
March 15, 2009 at 7:54 pm
by vinaydh
Market is on a mission
March 17, 2009 at 10:15 pm
by vinaydh
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This market is on a mission to achieve all its upside targets quickly.
I think that the market wants to go around its 50ma at 806.
Runaway rally
March 23, 2009 at 9:56 pm
by vinaydh
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This market never fails to surprise. Whatever the excuse behind the rally, it was impressive.
But I don’t think now is the time to chase this rally.
Market finally looks tired
March 29, 2009 at 5:54 pm
by vinaydh
But the longer term trend still firmly down, there is more risk to the downside.View comments
Something’s not right
March 31, 2009 at 9:07 pm
by vinaydh
I think this market may be setting up for a much steeper fall.
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