Strangely I currently have two potential targets for wave "c" of
C of 4 at 1104.8 and 1104.3 and the triangle seem to have a lower
boundary just about 1104ish.
My preferred targets are 1102.68 and 1101.10 and if they hit i
expect them to hit in the next 30-40 minutes 1-1:10pm
SPX hit the price target of 1104.30 at around 1-1:10pm...actual
low 1103.92 at 1.04pm
still possible to go lower over next 2 hours but who can tell
with the way these markets are trading so sloppy?????
Could be totally wrong and this could be the start of wave 3 of
3 down of 1 down off the top...but that should excelerate downward
pdq, if that were the case.
SPX Support line up off the 1084.90 low seems pretty good place
to watch, looks like it can be drawn to cross about 1102-1104. If
you see this broken maybe this will be more mounting evidence of a
top being in.
Have another target around 1102.47 that might be wave 5 of 1 of
3 of 3 of 1 down. Follow all that? hehehe.
If true - this would argue for another push higher once the B
Wave was complete. The move up in a C wave would be 5 waves up.
The EURO is what I'm watching here as well since it has the same
possible count arguing for another push up once this pullback is
complete. Remember the EURO is in that rising wedge on the
daily so watch the lower trendline on that chart.
Can't believe that chart showing an ABC could possibly be
accurate with a wave up from 1029 and 1113 only being the top of A.
Sorry but that would make B one contorted wave worthy of Prechter
or some other EW-ite really trying hard to explain the
unexplainable.
Then again, none of the wave up since the July low looks all
that easy to explain with traditional fibs seemingly meaningless on
this advance.
perthx - keep an open mind - but that count is a certainly
possible in that we have YET to see any real selling.
Hochberg has called about 5 tops now and all have been
mistaken. I'm not sure this count is correct but I suggest
you keep an open mind to the possibility of higher prices. We
can always adjust when there is CLEAR SUPPLY pressure.
Looks like that triangle is breaking out to up side now, or
trying to, anyways.
I mean it doesn't look like a wave 4 to me anymore---time wise
it is longer than 1-3, but who knows.
Seems more likely that 1113-whatever in here is the B wave for
an A wave up from 1084.90... where .618 of that 28.79 pt A wave
takes us to roughly 1120. THAT I can understand.
A big A 'abc' from 1029-1105, a big B from 1105-1084.90 and now
the big C 'abc'.
Someone pointed out to me that there could be one more push into
the 20th for a Gann cycle reversal, 364 days from last years low,
option expiry and all.
It's on tradestation and I don't have snag it on this computer -
just draw a trendline from the March lows for the bottom line and a
trendline through the highs.
Steve, Is target of the wave C consisting of 5 waves going to be
1018 or much higher? Is there a projection for that wave based on
known wave A? Thanks!
SPX Triangles
5 min SPX
Posted by perthx on 18th of Nov 2009 at 12:29 pm
Strangely I currently have two potential targets for wave "c" of C of 4 at 1104.8 and 1104.3 and the triangle seem to have a lower boundary just about 1104ish.
My preferred targets are 1102.68 and 1101.10 and if they hit i expect them to hit in the next 30-40 minutes 1-1:10pm
triangle provides support
Posted by perthx on 18th of Nov 2009 at 01:16 pm
SPX hit the price target of 1104.30 at around 1-1:10pm...actual low 1103.92 at 1.04pm
still possible to go lower over next 2 hours but who can tell with the way these markets are trading so sloppy?????
Could be totally wrong and this could be the start of wave 3 of 3 down of 1 down off the top...but that should excelerate downward pdq, if that were the case.
SPX Support
Posted by perthx on 18th of Nov 2009 at 01:58 pm
SPX Support line up off the 1084.90 low seems pretty good place to watch, looks like it can be drawn to cross about 1102-1104. If you see this broken maybe this will be more mounting evidence of a top being in.
Have another target around 1102.47 that might be wave 5 of 1 of 3 of 3 of 1 down. Follow all that? hehehe.
Or it could be part
Posted by steve on 18th of Nov 2009 at 01:19 pm
Or it could be part of a C wave down with the A wave being the initial drop off the highs and yesterday's bounce being Wave B.
This is what I was referring to earlier in a reply.
Posted by steve on 18th of Nov 2009 at 02:54 pm
If true - this would argue for another push higher once the B Wave was complete. The move up in a C wave would be 5 waves up.
The EURO is what I'm watching here as well since it has the same possible count arguing for another push up once this pullback is complete. Remember the EURO is in that rising wedge on the daily so watch the lower trendline on that chart.
Can't believe that chart
Posted by perthx on 18th of Nov 2009 at 03:30 pm
Can't believe that chart showing an ABC could possibly be accurate with a wave up from 1029 and 1113 only being the top of A. Sorry but that would make B one contorted wave worthy of Prechter or some other EW-ite really trying hard to explain the unexplainable.
Then again, none of the wave up since the July low looks all that easy to explain with traditional fibs seemingly meaningless on this advance.
perthx - keep an open
Posted by steve on 18th of Nov 2009 at 03:41 pm
perthx - keep an open mind - but that count is a certainly possible in that we have YET to see any real selling. Hochberg has called about 5 tops now and all have been mistaken. I'm not sure this count is correct but I suggest you keep an open mind to the possibility of higher prices. We can always adjust when there is CLEAR SUPPLY pressure.
open mind, okay!
Posted by perthx on 18th of Nov 2009 at 03:52 pm
Looks like that triangle is breaking out to up side now, or trying to, anyways.
I mean it doesn't look like a wave 4 to me anymore---time wise it is longer than 1-3, but who knows.
Seems more likely that 1113-whatever in here is the B wave for an A wave up from 1084.90... where .618 of that 28.79 pt A wave takes us to roughly 1120. THAT I can understand.
A big A 'abc' from 1029-1105, a big B from 1105-1084.90 and now the big C 'abc'.
Someone pointed out to me that there could be one more push into the 20th for a Gann cycle reversal, 364 days from last years low, option expiry and all.
steve would you mind posting
Posted by cwa82675 on 18th of Nov 2009 at 03:16 pm
steve would you mind posting a chart of the euro wedge? I am trading the euro but wasnt aware of the wedge. thanks!
It's on tradestation and I
Posted by steve on 18th of Nov 2009 at 03:21 pm
It's on tradestation and I don't have snag it on this computer - just draw a trendline from the March lows for the bottom line and a trendline through the highs.
EURUSD daily
Posted by isplat on 18th of Nov 2009 at 03:26 pm
thank you isplat and steve.
Posted by cwa82675 on 18th of Nov 2009 at 03:32 pm
thank you isplat and steve.
Steve, Is target of the
Posted by junkie on 18th of Nov 2009 at 03:04 pm
Steve, Is target of the wave C consisting of 5 waves going to be 1018 or much higher? Is there a projection for that wave based on known wave A? Thanks!
Much Higher if that count
Posted by steve on 18th of Nov 2009 at 03:04 pm
Much Higher if that count is correct - probably up to around 1150 or more.
if we do rally here
Posted by dylan398 on 18th of Nov 2009 at 03:25 pm
if we do rally here late...the Q's may play catch up...
What is a tell sign
Posted by junkie on 18th of Nov 2009 at 03:09 pm
What is a tell sign that that count is unfolding? Does it have to come now or after a due correction? Thanks again!