perhaps today was all of wave 5 of 3. this actually works quite
well as this wave 5 was a couple points more than .618 of wave 1
but the bounce from low to high yesterday (wave 4) comes out
roughly .382 (.418 actual).
then we may experience a wave 4 first retrace .236 at
1098.60 then .382 at 1106.81
would sit better with me, and I had looked at it and have it in
mind as the daily pivots 2nd support are down at 1075, which has
had me confused somewhat, we could see wave e of a flat 4 to
come perhaps.
Or another thought
$VIX Non confirming...
Posted by perthx on 27th of Jan 2010 at 11:15 am
perhaps today was all of wave 5 of 3. this actually works quite well as this wave 5 was a couple points more than .618 of wave 1 but the bounce from low to high yesterday (wave 4) comes out roughly .382 (.418 actual).
then we may experience a wave 4 first retrace .236 at 1098.60 then .382 at 1106.81
Steve's 10 min SPX chart:
That thought...
Posted by saturn6 on 27th of Jan 2010 at 11:36 am
would sit better with me, and I had looked at it and have it in mind as the daily pivots 2nd support are down at 1075, which has had me confused somewhat, we could see wave e of a flat 4 to come perhaps.
My working theory is that
Posted by junkie on 27th of Jan 2010 at 11:28 am
My working theory is that a break out of a channel signifies wave 4. FWIW.