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Wednesday, October 28, 2009

After the Bell, update, and chart blitz!!


All I can say is WOW, that 1-2, 1-2 count I showed at the beginning of the week, that has been slammed all over the Internet has came to fruition!! The Russell started off this morning by breaking through some very important trendlines of support, and ended the day in a free-fall. The SPX broke through the 50 day MA and also broke through a important trendline, as did the VIX. The Renko chart is not even showing that a 3rd wave has been completed, and the Fib fans also show the strength of this sell-off. Caution is warranted here, very possible that this sell-off today was some sort of a "C" wave, and it does have a wedge look to it. With the Russell breaking down below the October 2nd low, the Bullish options are really going to be limited now.
And to top it off, Breadth was 8.62:1 at the close, with Decliners beating out Advancers on very strong sell volume!!!
~After today what happened today, I am calling this P3~
*The Omen, 24 new highs, 15 new lows.

4 comments:

  1. P3? It looks like the Bears won't be hibernating this winter...LOL!
    Given that the trendlines down below are now up above that is probably a pretty good bet.
    Col - have you been drinking coffee in the afternoon or is it just the D/As we've been waiting for for so long?
    Cheers! -pat.

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  2. Micheal, not so fast my friend. Check out my Russel-2000 count here.

    http://pugridironsma.blogspot.com/2009/10/russel-2000-long-term-chart.html

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  3. I agree Col, just fine tuned the 10 min Renko and the count for intermediate (C) is very clean. I believe it's finished.

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