If it was an ABC and not the 5 wave pattern Steve showed on his
1 min SPX chart, wouldn't the high of C have been the 1060 high of
the day so far instead of 1058? Thought an ABC pattern ends
with C at the high or low of the pattern, depending on which way
it's going. But I'm not an expert, if that's not
correct, please let me/us know. Also, Steve, showing
the wedge and move up in 5 waves, is that the high for
the wave 4 pullback, and we're now beginning wave 5
down? Thanks.
If this is an ABC starting at the lows of the day, then A would
have been from the 1046 low to the 1060 high = 14 points, then B
may have ended just under 1054 a few minutes ago, so C may end at
1067-8, 14 points above the 1053-4 low of B, and fill today's gap.
if A = C.
SPX 1
Posted by steve on 24th of Aug 2010 at 12:24 pm
If this is an LD off the bottom then look for a deep retrace down to SPX 1050 to be followed by a strong up move. Just throwing out what I see.
The other thing would be that this bounce is wave 4 up with wave 5 down to follow.
ES has support here around 1053.25
Sorry but what does LD
Posted by honzer on 24th of Aug 2010 at 12:46 pm
Sorry but what does LD MEAN???????????
Leading Diagonal.
Posted by steve on 24th of Aug 2010 at 12:48 pm
Leading Diagonal.
thank-you
Posted by honzer on 24th of Aug 2010 at 12:54 pm
thank-you
LD, low of day?
Posted by Peridot on 24th of Aug 2010 at 12:44 pm
LD, low of day?
Leading Diagonal
Posted by isplat on 24th of Aug 2010 at 12:48 pm
Leading Diagonal
Thanks Isplat! Duh, I knew
Posted by Peridot on 24th of Aug 2010 at 01:05 pm
Thanks Isplat! Duh, I knew that....LOL. Thought he had left the O out of LOD.
We may still be in
Posted by thermo on 24th of Aug 2010 at 12:53 pm
We may still be in 4 that is doing ABC. target for B is about 1050 and C
about 1058
not sure but....
Posted by sue2 on 24th of Aug 2010 at 01:06 pm
If it was an ABC and not the 5 wave pattern Steve showed on his 1 min SPX chart, wouldn't the high of C have been the 1060 high of the day so far instead of 1058? Thought an ABC pattern ends with C at the high or low of the pattern, depending on which way it's going. But I'm not an expert, if that's not correct, please let me/us know. Also, Steve, showing the wedge and move up in 5 waves, is that the high for the wave 4 pullback, and we're now beginning wave 5 down? Thanks.
ABC of (iv): started a
Posted by thermo on 24th of Aug 2010 at 01:20 pm
ABC of (iv): started a finished at 1058 b 1050 c at about 1058. then we go to (v) down.
I am not expert too but maybe we are just in b and c may end up in between 1058 and 1062.
This is not exact science, but alternative view
abc could go to 1067-8 and fill today's gap
Posted by sue2 on 24th of Aug 2010 at 01:27 pm
If this is an ABC starting at the lows of the day, then A would have been from the 1046 low to the 1060 high = 14 points, then B may have ended just under 1054 a few minutes ago, so C may end at 1067-8, 14 points above the 1053-4 low of B, and fill today's gap. if A = C.
Sue 2 you maybe right
Posted by thermo on 24th of Aug 2010 at 01:31 pm
Sue 2 you maybe right that b ended, will see. the first target of c around 1064 and the second maybe 1067.