Today's market action doesn't support the 3rd wave scenario that
I showed last night. We'll see how today plays out, and also
keep an eye on that possible wedge on the SPX 30.
Also keep an eye on the
mechanical systems:
SRS 15 min, SRS 6 min, SSO 15 min, SKF 6 min, and the DTO
system, all are getting close to triggering
We might still be in the first wave down of 5. The second
wave might show up on the daily charts (if it wants to)
As always, we just have to wait and see. This whole
5th wave is supposed to go to somewhere around 625 to 640 in
the S & P. (If wave 5 equals wave 1)
I just read in "View from the Top of the Grand Supercycle"
by Robert Prechter Jr. (Pg 161) that 5th waves of major
degree are prone to containing a double extension, in subwaves
three and five.
If a fifth wave following a triangle does not stop at a nominal
thrust measurement, it is likely to be an especially long
extension.
If fifth wave following an extended third wave is not roughly
equal in percnetage gain to wave one (at least within a 2/3
multiple) then wave 5 is probably a developing extension with much
further to go.
This all means that we COULD have a long and hard thrust down as
wave 5 progresses possibly even below 625 of S & P. (As
Dodger says "We shall see")FinaM
Mark Action
Posted by matt on 21st of Jan 2009 at 02:15 pm
Today's market action doesn't support the 3rd wave scenario that I showed last night. We'll see how today plays out, and also keep an eye on that possible wedge on the SPX 30.
Also keep an eye on the mechanical systems:
SRS 15 min, SRS 6 min, SSO 15 min, SKF 6 min, and the DTO system, all are getting close to triggering
Wave 5
Posted by finam on 21st of Jan 2009 at 02:55 pm
We might still be in the first wave down of 5. The second wave might show up on the daily charts (if it wants to)
As always, we just have to wait and see. This whole 5th wave is supposed to go to somewhere around 625 to 640 in the S & P. (If wave 5 equals wave 1)
I just read in "View from the Top of the Grand Supercycle" by Robert Prechter Jr. (Pg 161) that 5th waves of major degree are prone to containing a double extension, in subwaves three and five.
If a fifth wave following a triangle does not stop at a nominal thrust measurement, it is likely to be an especially long extension.
If fifth wave following an extended third wave is not roughly equal in percnetage gain to wave one (at least within a 2/3 multiple) then wave 5 is probably a developing extension with much further to go.
This all means that we COULD have a long and hard thrust down as wave 5 progresses possibly even below 625 of S & P. (As Dodger says "We shall see")FinaM
Title: 5th wave Correction That is
Posted by finam on 21st of Jan 2009 at 03:00 pm
That is page 181 not 161 of "View from the Top" Finam
matt, is it because the
Posted by jlink on 21st of Jan 2009 at 02:30 pm
matt, is it because the recovery of 818-820 for S&P?
But if we come back down and close below that, today is just an oversold bounce and your last night scenario is still valid, right?