After the bell, Update. We got all five of the waves in, finishing right at the close, on VERY light volume with Advancers over Decliners 1.52:1. Things look real ripe for a sell-off at the start of next week.
-After Stockcharts updates their End of the Day charts, I will post some more charts.
The Bollinger Bands are starting to get tight again, another sign that we are consolidating in a 4th wave, and should be getting a sizable move coming soon!!
Well since it looks like we are going to be in another wave 4 triangle for the better part of the morning, boredom has already set in, so I went back and started to play with the trendlines from 666 on the hourly SPX chart.So far we have had six different trendlines, that have acted as support, until they were decisively broken to the downside, and all have then become resistance.
The interesting part is how uniform they have become in their distance or angle to each other, very symmetrical.
I added a seventh, just for the heck of it, by using the average spacing of the six previous trendlines to come up with the angle and distance for a seventh one.
It will be interesting to see what happens in the future if that seventh line comes into play!!
Nice count, definitely valid and reasonable probability. (No count gets higher than "reasonable probability" for me right now.)
ReplyDeleteThe only thing I want to point out is that this impulse-like uptrend since Oct 2 is messy enough that I think one could count it as some sort of double zigzag, which would put into play the B of (XX) count.
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID3568637
Hey, complete left turn. I just had a novel idea. What if all the action since late August is a running triangle for B of (Y) of P2? Catch you later, I gotta draw this.
Kevin
OK, I put that triangle count up as an alternate.
ReplyDeletehttp://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID3568637
Hi Kevin, I just happen to have that count on the 6th chart.
ReplyDeletehttp://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID3287600
I saw that there was 7 waves yesterday and added that count just for the heck of it.