Shepave End of Day Update for Thursday.
by ShepWave.com
Posted: 8/4/2011 16:20 EST

Every day for the past several trading sessions the pundits keep trying to find a market bottom and the bottom they call seems to fall right from under them. Please use extreme caution when taking seriously the information given by CNBC or any other Pundit. The technicals ShepWave has identified have been working out almost perfectly. PROFITS in one's trading is the key!

END OF DAY UPDATE.

What a day. If you have been following along with ShepWave analysis over the recent weeks today's 4.6% sell off in the indexes should come as no surprise, and you made some good profits.

The recent action was not that difficult to spot. Remember we started giving warning signs once the Dow Transportatons index hit a triple all time top and failed to break through long term resistance. The Island Reversal pattern worked out well, In fact all the recent patterns have worked out nicely.

Note that even Crude Oil action has been as predicted and is confirming the equity trend.

Markets do NOT go straight down or straight up. Do we have a buying opportunity here? See the notes in the charts below. Especially the notes in the VIX. TARGET HAS BEEN HIT.

The ideal bounce targets have been given. There is still a need for fluid analysis as we see the action in the coming days. Again, this is STILL a highly technically critical time for the U.S Equity markets. We entered into a new position today and may even double this position and enter new positions on Friday.

The Pre-Market Update for Friday will be published later this evening.

Log In at www.shepwave.com for The END OF DAY ShepWave Intra Day Update.

The ShepWave Eight Year Anniversary Subscription Specials ($60 Three Month Subscription and $99 Six Month Subscription) will be ending soon. We will begin a referral program for subscribers. For every new subscriber you introduce to ShepWave we will add one month on to your subscription. Note that once the big move comes in the indexes this special will be terminated, if not sooner.

The subscription special may end very soon. With the markets selling off like they have been there is a tendency for a lot of panicked investors and traders to come to ShepWave and try to find a quick fix. This is not the type of Subscribers we are looking for.