I hope those "newbie" comments are not directed at me. but I believe I read on the good ol' EWT message board once that while Prechter is ever the contrarian, that does not mean to go contrary to your own system. Food for thought.
Something wrong with the Market . This implusive, 4-day DOWN move may be Minute .1 of Minor 1 of Intermediate 1) of Primay 3] of Cycle I of Supercycle I) of Grand supercycle I] to the DOWN side as the EXPERT said :eek: .
The Market can do no wrong . Only the 5,999,999,999 counts are wrong :eek: . THE EXPERT's count is always right . When the red lines are crossed DOWN, we should seriously reconsider the "View from the top of the Grand Supercycle count" . When this last correction is bigger than the supposed Wave 2), we will pronouce The Bear Market Rally dead .
SPX's RSI and MACD are bearish . There is some hope in the Candle Stick pattern . Look for a white candle above Sep 2, 09 close.
Confession of a newbie After the long list of the 8235 replies and 443246 views , I must admit that "I'm still a newbie in EW" . What bring me to this sad end are the failed "M" pattern, the failed "sHs" pattern, and the irregular B wave which the divergence between INDU, TRAN and UTIL foretold, the seemed to fail "M" pattern with that big return move. I forgot the 0827_5up3down_maybe_another5up chart which would have remind me that correction can retrace up to 74.6% of the impulse wave. When the moment of truth came, I just missed it :eek: . Note: This last DOWN move might have end or may turn out to be wave c of a running or an irregular correction .