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It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning. Henry Ford


Those who surrender freedom for security will not have, nor do they deserve, either one. Benjamin Franklin
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The idea that you know what is true is dangerous, for it keeps you imprisoned in the mind. It is when you do not know, that you are free to investigate. ~ Nisargadatta Maharaj

Thursday 22 November 2012

Dax rising wedge


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8 comments:

  1. Unknown22 November 2012 at 18:27

    Have you thought on a possible Broadening top at daily timeframe?

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  2. Chartrambler23 November 2012 at 12:20

    well the weekly chart is the key chart for me in that we broke down from a 9 week trading range and are currently retracing into that supply zone.

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  3. Anonymous23 November 2012 at 19:11

    You could put a Wolfe Wave count on this to end up down to about 7175

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  4. Joy Division24 November 2012 at 07:56

    Alternative to US$ doom scenario is 83.094 (or 3.5% increase) by beginning of 2nd week in December or maybe Christmas using elliott, fibonacci and gann methods.

    http://twitpic.com/bfxp3u/full

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  5. Joy Division24 November 2012 at 08:49

    Hi CR, Tried to post chart here under google account and was time consuming and so far has not appeared on the site. Eventually got message awaiting approval. Is there a simple method of posting here under Google? Thanks:-)

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  6. Chartrambler24 November 2012 at 22:59

    Hi JD.I have to do the message approval thing to block out the idiots like Wagner posting spam.I can give you direct access if you like,let me try and sort that out

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  7. Joy Division25 November 2012 at 01:47

    Thanks, Fully understand. More work for you created by that troublemaker.
    Just noticed typo in the $US chart which needs to read 'C = 1.618 A' rather than what I wrote there.
    Also noticed comments on the Wolfe Wave and was glad Richard brought that to my attention. Have applied it to the SPX and noticed you end up with a wolfe wave down from the broken wedge that terminates right near 1228 which is the 0.618 retrace of the wave down to March 2009 (GFC wave). So good relationshup with fibonacci support levels.
    BTW do not think the SPX wedge is a true elliott wave ending diagonal as the subwave A of 3 looks more like a zigzag (3 waves) and not an impulse/diagonal (5 waves). The A of 3 wave in the SPX chart would need to be a 5 wave structure to be a true EW ending diagonal. Pedantic I know but thats what I think. So the EW labelling on the chart is if my interpretation of the A of 3 wave is incorrect but not really how I see the SPX unfolding. I don't think it is an issue for the Wolfe Wave as these wedges seem to be related to symmetry and not wave structure so the wolfe methodology can operate independently of strict EW definition of a wedge/ending diagonal. I see the wolfe wave as minor 1 down of a 5 wave impulse which is a C of A wave at cycle degree of a very large expanded flat structure unfolding at supercycle degree on the SPX. Will post this expanded flat when I update the chart but here is the Wolfe Wave with EW count as the wedge which I don't think is really operating here but is there in case my interpretation of the A of 3 as a 3 wave structure is incorrect and it is in fact a 5 wave structure (but I doubt this).

    http://twitpic.com/bg6ktq/full

    Good to have this site available as Danerics has been getting way too unbalanced in its commentary for my liking. Enjoy your weekend.

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  8. Chartrambler26 November 2012 at 12:43

    Thanks JD.Been a bit busy this weekend so not had much time to look at charts.I am surprised how strong we were last Friday given the clear breakdowns we saw especially on the Dax and Ftse but thin markets and,I guess shorts forced to cover.Well done on the rugby last weekend (it pains me to say it :) Looks like the English boys have a lot of work to do.Kiwis on Saturday ,yikes

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