Steve wrote:
Wondering if you can do another chart on google to see if it will go down. Also whether you can show what is current status of Worden's trusty T2108 indicator.
Of course I can't whether GOOG will go down, just if I think the odds of it going down are goodl. It looks like it's having a weak (low volume) bounce from the drop earlier in the week. I think it can be back near 400 real quick if it breaks the trendline (see chart). But I'm not saying that it's necessarily a short -- it's really just bouncing around between 400 and 420 or so. I think the break of that range, in either direction will be more important than that little trendline.
Here's the chart of T2108, which is showing that the market's nearing an extreme overbought condition. (If you're not a Worden subscriber you can get similar data by using $SPXA200R or $SPXA50R on StockCharts.com):
Thanks Mike. My elliott wave indicators on AGet says GOOG is should start wave-5 of a corrective wave, but still haven't saw it go down yet. Hence just wondering what you think. This is helpful
I love the charts you posted on $SPXA200R and $SPXA50R !
Very useful but where the heck do you get those codes? I would love to see a larger range of those charts on StockCharts.
In my "Week Ahead" article I discuss these "Overbought" indicators, it would be nice if we could flash back to charts of 1984-86 to see what the signals looked like then...
Good analysis on GOOG - I agree. Here is another view with a Fibonacci perspective...
http://traderx.blogspot.com/2005/12/looking-at-goog.html
Phil,
There are a ton of these indices in StockCharts' ticker catalog. They aren't the easiest things to find but some creative searching will turn them up. For example, try doing a catalog search on 'percent'.
Trader-X, thanks for chart.