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fib_1618

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Reply with quote  #1 
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




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johneeboy3

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Reply with quote  #2 
Dave,

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:
  1. 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
  2. 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.
Many thanks in advance,

John

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