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Monday, October 19, 2009

Monday Update


This chart is looking almost completed now!!




I reworked this chart, and all though the count seems valid, I am not 100% confident in its labeling ( I do not like the size of the retracement for the 2nd wave, it is really small), but right now that is the best I can come up with!!



I have not seen a decent count that makes sense, or does not have imperfections, so I brought out the Renko chart to see what is says. The RSI on Renko's are great at finding 3rd waves, because that is normally where the RSI peaks, with the 5th wave following with a negative diverging trendline. MACD is also diverging on this chart.

After the Bell-Advancers beat out decliners 2.79:1, on weak volume.
We have to be getting very close to a top of some sort, SPX is up against the upper trendline of resistance, volume is not increasing, but has been declining, and there is negative divergences on a number of indicators and oscillators all pointing to a change of trend coming soon!!
AAPL, blew away earning, even higher the Whisper!!

4 comments:

  1. Really like the Renko analysis paired with RSI. Great ideas Col!

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  2. Hey Col great work. ONe thing though on the Renko, the MACD is usually a confirming tool in that there should be a bearish cross for wave iv and a bullish, albeit short recross for wave v. Also the Stochs often trace out a 3 wave pattern (m shaped), on the 5 min Renko there is only one move noted on the Stochs. And on the RSI, the two peaks following 3, could very well be the a and c peaks of 4. Now, you could be spot on. We won't know until next week probably. But, my read of the Renko leads me to believe we are still looking for a wave 5.

    Let's watch, in all likelihood, the student has probably already surpassed his teacher

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