We have to be getting very close to a top of some sort, I added the Renko chart because there are so many different options when looking at a normal chart for this current rally I thought I would give Renko a try, sometimes Renko is great at cutting thru all the clutter and noise. As long as we stay under 1100, wave 3 would not be the shortest.
The MACD on all of the different time framed charts is topped out, Wms, RSI, and the STO, are also topped out. Advancers and decliners were about even at the close, 1513/1499 each, all on volume that was slightly weaker then yesterday.
I was not expecting that the day Goldman blew away estimates, that the market would be so weak, might be a great sign that investors are not willing to put their money to work at these extreme levels. IBM and GGG will be reporting here soon after the bell.
Hey Col, very nice! once again we're at the same place, but by slightly different routes.
ReplyDeletecheck out my Renko, that goes with my count:
http://www.screencast.com/users/alphahorn/folders/Jing/media/ceb6cd75-03a8-4c1e-b94c-f6a84d2f760a
thanks for the updates
ReplyDeletemarket is not going to tank before reaching the "Point of Recognition" [1098-1108]
good luck
Col, Awesome charts again man! I really love this count. And it is uncanny how this rally is riding that last trendline. Thanks bro!
ReplyDelete-Alpha, Nice count!! With Mr Renko, it has even been hard to tell with degree is which, using the RSI and MACD on this latest rally. Nothing like how it was when you introduced us to those charts, things were much easier with that run.
ReplyDelete-Cementzak, as long as it does not exceed 1100, the count on the Renko chart will be valid, LOL, thank-you for taking the time to leave a comment!!
-Binve, my main man!!, It has been an honor to be able to travel through this journey with you by my-side!!