Forget the ABC...and wave 2. What if wave 1 isn't done yet?
Assume Monday's 1069.49 low was the end of wave 3[of 1]
and the 1100.14 was the top of a wave 4[of 1], that means
this is a wave 5 [of 1]down...and we are either just finishing 5 of
5 or need a wave 4 and another 5th wave down to complete this
larger wave 1 down.
That allows one nice rally into next week and a couple days past
the full moon to a proper wave 2 top....then wave 3 of 3 can get
going probably after the labor day holidays.
So maybe hold your TNA, mdgfain , you might be able to get out
next week with a profit [or a lot less loss]
if that alt count i wrote about works out, i can see one nice
wave 2 rally...if we bottom late today or early tomorrow, then I
can see a sharp rally tomorrow to screw over the options
holders.
I would expect to see the SPX and Dow break Mondays lows to
confirm this "alt wave count"
On the other hand we might just start crashing...keep your eyes
open and be ready for anything.
ok another possible count to consider
Posted by perthx on 19th of Aug 2010 at 12:17 pm
Forget the ABC...and wave 2. What if wave 1 isn't done yet?
Assume Monday's 1069.49 low was the end of wave 3[of 1] and the 1100.14 was the top of a wave 4[of 1], that means this is a wave 5 [of 1]down...and we are either just finishing 5 of 5 or need a wave 4 and another 5th wave down to complete this larger wave 1 down.
That allows one nice rally into next week and a couple days past the full moon to a proper wave 2 top....then wave 3 of 3 can get going probably after the labor day holidays.
So maybe hold your TNA, mdgfain , you might be able to get out next week with a profit [or a lot less loss]
Thanks for the help, perthx.
Posted by mdgfain on 19th of Aug 2010 at 12:29 pm
Thanks for the help, perthx. Only problem is tomorrow is option expiration day. Any further thoughts, based on that?
option exp shouldnt matter
Posted by perthx on 19th of Aug 2010 at 12:54 pm
if that alt count i wrote about works out, i can see one nice wave 2 rally...if we bottom late today or early tomorrow, then I can see a sharp rally tomorrow to screw over the options holders.
I would expect to see the SPX and Dow break Mondays lows to confirm this "alt wave count"
On the other hand we might just start crashing...keep your eyes open and be ready for anything.
Thanks perthx - that count
Posted by steve on 19th of Aug 2010 at 12:23 pm
Thanks perthx - that count is certainly possible.