Almost at the top of the channel... Reversed head & shoulders nearly hitting its projection... RSI projection near 1102... Near perfect ABC... Low VIX... Indicators ready for some correction... Cash = King I'm sidelining until the market clearly breaks or fails the top of the channel. It has been a fun ride
Fifth wave of a 5-waves. This can be Wave 3)3.3:5 or Wave 3)5 or Wave c)5 . The four red lines will tell which is the right count .
Very timely Mitchworse! Sure looks like a full 5 waves impulsive down move to me. If the retracement hits resistance somewhere 1086~1088, then it may be a good place to short. ESZ9 90min
Mu, Congratulations on the 1400 pages! You've come a looooooooong way! Was looking through the long term charts again..... SPX Yearly
Nice long term chart! That's definitely one to keep in mind. We're in C of 4... Just a healthy correction going on. Not the end of the world
Thanks ed, mu. The last 5-waves can be counted as 1.Wave IV)C2]c)5 and the Market will go DOWN 50% to 5000, 550 and 1100. 2.Wave V)I1]3)5 and the Market will go DOWN as Wave 1]4) to Wave 1]3)4 at 9430, 1020, 2040. 3.Wave V)I1]3)3.3 of an ascending wedge and next new high will be a BULL Trap and the Market will return to 9252, 991, 1958. 4.Wave V)I1]3)3.3:1 and next new low will be a BEAR Trap and the Market will surge to new one year high. Choose one, then act accordingly .
Double Top Breakout on 09-Oct-2009 and 12-Oct-2009 . Ascending Triple Top Breakout on 14-Oct-2009 . Bullish Price Obj = 11300, 1295, 2420 . The problem is P&F does not care whether this is the last Breakout :eek: .
200 SMA and 50 SMA show a Bull Market. RSI and MACD show divergences several times . The real SELL signal is usually the third or the fourth divergences.