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May 27, 2008

Market Update: Going Out with a Bang!
by Dominick

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With time running out for new members to join, TTC rewarded new and old members alike last week with a perfect setup that yielded up to 65 points.

"This update has been neither cryptic nor ambiguous in its public announcements of a crucial deciding line in the tug of war between bull and bear market forces in the vicinity of 1440 on the E-mini S&P futures." That was the first sentence of last week's update, and with the exact high on the ES last week being 1440.24, we feel strongly that our target has been validated, as unlikely and unattainable as many considered it just a few weeks ago.

The chart above shows the action off our crucial bull/bear line, and the weekly close at an important number we'd been watching on the way down. As you can see below, we had a target at 1387.5 going into last Friday, which not only did prove to be temporary support on the way down, but has now become the resistance which halted Monday afternoon's rally.

We've continued to rely on our numbers proprietary target numbers, using them to define trading ranges and potential breakouts or breakdowns. With the market looking ready to lose 87.50, we put our fate in the hands of TTC's proprietary trend cycle chart, below. After weeks above the support/resistance line, the 60-min trend oscillator finally reached the crucial do or die level, suggesting either support was near or else a much larger downside move was preparing.

Of course TTC members had the advantage of real time chat room updates and daily posts that provide much more insight than what is available in a weekly update. For example, members had our very important support line at 1375, which after a several attempts, did manage to hold the declines on Monday. And, as you know, the market proceeded to rally from there exactly into our existing line at 87.50.

Our 1440 target has been described as a bull/bear line because it is the area where the market will reveal whether it's a bull or a bear, regardless of any preconceived notions. With last week's price action looking pretty emphatically bearish, no doubt the most bearish out there are expecting to see a huge 3 of 3 crash. But it wouldn't be the TTC way to assume the top is in, or that the world must fall apart from here. Going forward we will be looking to see if the initial rejection at 87.50 holds, in which case a crucial number exists at 1360, or if we can advance higher, which will bring some of the recent numbers back into play. But with the market continuing to recognize our numbers, we will continue to trade them and use them to read the market's intentions.

If you've been making money off this weekly newsletter, or think you could, please note our doors are closing to new retail membership next Monday and after that, these updates won't be nearly so regular. Unless you're a member, you won't have our proprietary indicators and target numbers. But members already have our counts and targets and will continue to be updated in real time and with intraday posts to navigate this crucial time as the market evolves.

And with so many of our members making back their monthly subscription fees in days or hours, or less, it's safe to say TTC has long been the best risk/reward trade available. But now, membership is risk free with our money back guarantee. Because it can take time to integrate TTC into your active trading, we want you to have the opportunity to orient yourself, read the forums, chat with members and make an informed decision about whether we can help make you a better trader. Join this weekend and if TTC isn't the right place for you, cancel by Memorial Day and get your money back, no questions asked.

TTC is unique among market analysis sites in that it is configured as a forum wherein members actually participate in the analysis. Over the past two years we've been around, institutional traders have become an important part of our membership, exchanging their perspective and insight into trading techniques, psychology and money management. Even if you're not able to contribute to the discussion, your membership gives you access to the best real time, tradable analysis on the web at a price well below what other sites charge for much less. Going forward, serving our institutional membership will become our primary focus and in order to maintain our high standard of quality, we are forced to limit new retail membership.

But if you want daily updates on all these and other markets, if you want to learn how to trade short term time frames and access next week's charts posted in the weekly forum right now, it's time to decide now whether you will join the the TTC community of traders. The opportunity is quickly slipping away as we're set to close our doors Memorial Day weekend to all but institutional traders. If you're really serious about trading, learn more about what TTC has to offer, the time to join is now.

Have a profitable and safe week trading, and remember:
"Unbiased Elliott Wave works!"

Dominick,
a.k.a. Spwaver
TradingTheCharts.com

This update is provided as general information and is not an investment recommendation. TTC accepts no liability whatsoever for any losses resulting from action taken based on the contents of its charts, commentaries, or price data. Securities and commodities markets involve inherent risk and not all positions are suitable for each individual. Check with your licensed financial advisor or broker prior to taking any action.

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