The Summation Index, is rolling over, and very close to a sell signal, this is a longer-term Index where the direction of the trend is the most important aspect to watch.
The SPX continues to respect the fib fans and just keeps crawling up along the gray fan line that is acting as resistance, and there is still no bearish fans to provide serious resistance to the price advance.
I wanted to start with the Russell because its waves are more pronounced, especially the (X) wave, that had a much more corrective wave action then the SPX did.
Here is the SPX with the same count, not as perfect looking as in the Russell, but I believe it is a valid count. Just as the note says on the chart, this is only, one option I have been watching, and is the most bearish option. The other option playing off of this count is moving the (W), and (X) to the 1150 high, and 1044 low, but not one I am very happy with because doing so makes a triple zigzag, a VERY rare occurrence.
The Summation Index, is rolling over, and very close to a sell signal, this is a longer-term Index where the direction of the trend is the most important aspect to watch.
The SPX continues to respect the fib fans and just keeps crawling up along the gray fan line that is acting as resistance, and there is still no bearish fans to provide serious resistance to the price advance.
I wanted to start with the Russell because its waves are more pronounced, especially the (X) wave, that had a much more corrective wave action then the SPX did.
Here is the SPX with the same count, not as perfect looking as in the Russell, but I believe it is a valid count. Just as the note says on the chart, this is only, one option I have been watching, and is the most bearish option. The other option playing off of this count is moving the (W), and (X) to the 1150 high, and 1044 low, but not one I am very happy with because doing so makes a triple zigzag, a VERY rare occurrence. 
Michael, here are some questions I've been asking myself this weekend: what if I've been too conservative in my bullish outlook? And how can SPX get to the 1400 suggested by my Gann work?
ReplyDeleteMy charts of HK and China suggest a move north of between 30% and 50% is possible. How will that affect the US markets?
As a result of these musings, I'm beginning to wonder if the flat action between November and February was a B wave.
Looking at your SPX chart above, my 1400 and higher target could be reached if blue B is replaced by (X). That would mean we are (Y) and have (X) and (Z) still to come. (Y) could be achieved by end May, and (Z) by end August.
ReplyDeleteit looks to me like the CiL was down today since around 8 am EST
ReplyDeleteCoveritLive is experiencing technical difficulties...their site & all CiL's are down. No estimate yet for when it will be resolved.
ReplyDeleteAww, this is like old times...comment, preview, post, hit post again, refresh, refresh, refresh... :)
ReplyDelete