Live Blog Chat-room 2

Wednesday, December 30, 2009

After the close, We ended back to the same point as we started this morning. Either the 4th wave is finished in an simple a-b-c count, or we are going to have a long drawn out 4th, with only the first wave "A" put in. Decliners finished off ahead by 1.17:1. The SPX did make a lower low for the day, but finished at the high of the day, a wash!!!
Getting the feeling this will draw itself out over the next 2-3 trading days, stuck in a tight range of 1122-1130 before an attempt at a new high is made.
9:01, How about a large head and shoulder pattern on the Summation Index. Not sure if it is even legit to put patterns on indicators like this, but never the less something interesting to see. This should give GV a good laugh, hehe!!!

Click here for an updated look at this chart!!!
8:35, These Fib fans never cease to amaze me how accurate they can be for determining turn points, and how respected they are by the indexes.

6:52, I have had this inverse island formation on this chart for the last week, and never ran the numbers from it until this morning. If you figure the size of formation, then double that, it should give a pretty decent level for the ending of this rally. Hence, top-side target of 1138.54, which also fits in nicely with the count I have going.

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