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Thursday, December 10, 2009

Thursday Updates

Still looks like it is stuck in a triangle!!!
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These charts are courtesy of buzz and banter at minyanville


Here is a little tease for everybody that is very interesting. Goodvibe (GV) brought this up in the chat room today and is planning on following this up soon with a post on his blog. I will be sure to provide a link when he has finished his research.

Bulkowski's Three peaks and a domed house
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After the close, The SPX could be close to completing wave A of 3, but I am worried that this whole rally might collapse before the finish of my final C wave, that ends P2. The possibility of it truncating are growing as the internals in the market keep getting more bearish. The Russell, also had a very bad day, settling down negative .71%. Although I am short-term bullish, I can not stress enough that there is very little reward now being long, compared to the risk of a major sell-off coming at any time, and most likely with-out any warning.
Breadth for the day was only 1.52:1, advancers.


7:49, My best guess at the detailed count. I am taking that 3 wave move up as A of 3, in an ending diagonal as shown in previous longer term charts. I still believe that we will have a series of a-b-c's to finish this whole rally, just as we have seen in the last month!!


Click here for a look at an updated chart!!!
7:16, After the tightness in the bands at the close yesterday, we had a large move as predicted, now it looks as if the SPX is trying to recapture the bands. The MACD also broke above resistance on this 30 minute chart, but the SPX is over bought at the present time.


Click here for an updated look at the Fib fan chart!!!
7:04, The SPX broke out of the bearish fan, so I added a new bullish fan. The older bullish fan should provide some resistance to the upside.

6:50, SPX is coming up upon trendline resistance at approximately 1110. PPO, RSI, and Full STO are all showing buy signals for the short-term. Also a slight possibility this could be a 2nd wave up, with the 1st wave down as an leading diagonal, but my prefered is still some type of a 1-2 up ending diagonal making new highs around 1020-1030.

3 comments:

  1. Hello Michael you have a great blog and I agree with your count on the big picture (I have this count since middle of November). I have also one blog and it will be great exchange links :).
    My blog is www.elliottmarketwaves.blogspot.com
    Hope you agree with this :).
    Regards,
    Filipe Miguel

    ReplyDelete
  2. nice eod wrap up, thanks col -

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  3. Great Stuff on the doomed house!
    if you get a chance, see my wave count on the 60m chart posted at www.spwavetrade.blogspot.com.

    ReplyDelete