Registered: 1101777014 Posts: 4,492
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Adding the excitement of the ongoing hourly count is the probable formation of another "
Sign Of the Bear" pattern as marked in the updated chart shown below. If this is indeed the case, one would expect another firm day on Friday to around the 860 SPX cash level, and then a sell off to begin similar to what we saw back in the early February period. 875 cash remains the upside limits of the current wave structure, with the 780 level the near term downside objective if the current analysis remains on target. Fib __________________ Dave's LinkedIn Profile Technical Watch Twitter Page Technical Watch Facebook Page "As for it being different this time, it is different every time. The question is in what way, and to what extent" - Tom McClellan "An economist is someone who sees something happen, and then wonders if it would work in theory" - Ronald Reagan "What we see depends mainly on what we look for" - John Lubbock "The eye sees only what the mind is ready to comprehend" - Henri Bergson “Answers are easy; it’s asking the right questions which is hard” - Dr. Who - 1977 "You know the very powerful and the very stupid have one thing in common - they don't alter their views to fit the facts, they alter the facts to fit their views (which can be uncomfortable if you happen to be one of the facts that needs altering)" - Dr. Who - 1977
Registered: 1227234289 Posts: 6
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Your chart/count is very much what I've been seeing and working off myself. Naturally, friday's rise to around the 867.50 mark leaves the count intact, albeit with some sweat droplets smudging the edges of the charting paper I was just wondering: Many thanks in advance, Whether or not you think the rise in the SPX from the 21st to friday's close (pull up a 2min chart) can be counted impulsively? Although there may be the slightest of overlaps, that appears to me to be the only hindrance (and who's to say that such tiny overlap on a 2min chart should hold much weight?) However, experience says that the waves don't have the right 'look' for impulses - but maybe that's just my open short positions painting the picture I 'want' to see .... hehehe What your top count becomes if the terminus of the ending diagonal at 875 is exceeded in the coming days? A uber-bullish wave 3 of 3 of 3 upside explosion (IMV we'd need to see a complete change of character in the volume action)??? Or could we be blowing out of an ugly triangle that can be (sort-of) identified on the hourly chart??? Interested in your thoughts. John