This is intended to be a forum for me to post chart ideas and hopefully receive feedback and stimulate discussion.It is not intended to constitute investment advice.
For the bullish view I am seeing the SPX heading up for around the 1740 area. Favoured count is a very extended first wave for the move up from November 2012. There are very nice fibonacci merges around that 1740 area and if the count works out, due to wave 1 longer than wave 3, there is a maximum upper limit for the 5th wave to terminate at 1749.38. Seems to be heading up as three wave structures so a diagonal of some type and my guess is an expanding ending diagonal. As usual, timing is going to be the hardest thing to determine but the way it is forming there may very well be a major thrust upward this week to coincide with the outcomes of the FED meeting.
So if it continues heading up this is what I am watching out for. Possible for the momentum to lessen and for this 3 wave structure that has formed so far to just be a contracting leading diagonal for the first wave of this final fifth wave.
"True global miners 3X" IHS ~WEC~ http://scharts.co/10qMNDM
ReplyDeleteHi CR,
ReplyDeleteFor the bullish view I am seeing the SPX heading up for around the 1740 area. Favoured count is a very extended first wave for the move up from November 2012. There are very nice fibonacci merges around that 1740 area and if the count works out, due to wave 1 longer than wave 3, there is a maximum upper limit for the 5th wave to terminate at 1749.38. Seems to be heading up as three wave structures so a diagonal of some type and my guess is an expanding ending diagonal. As usual, timing is going to be the hardest thing to determine but the way it is forming there may very well be a major thrust upward this week to coincide with the outcomes of the FED meeting.
So if it continues heading up this is what I am watching out for. Possible for the momentum to lessen and for this 3 wave structure that has formed so far to just be a contracting leading diagonal for the first wave of this final fifth wave.
Hope the links work.
http://s1299.photobucket.com/user/HydroEcol/media/SPX20130618031131_zps09e56432.png.html?sort=3&o=1#/user/HydroEcol/media/SPX20130618031131_zps09e56432.png.html?sort=3&o=1&_suid=137149082976805017579370053373
http://s1299.photobucket.com/user/HydroEcol/media/SPX20130618030314_zps16a195e3.png.html?sort=3&o=0#/user/HydroEcol/media/SPX20130618030314_zps16a195e3.png.html?sort=3&o=0&_suid=1371490775631011386470689673844
http://s1299.photobucket.com/user/HydroEcol/media/SPX20130618032955_zps6fe4c1c2.png.html?sort=3&o=2#/user/HydroEcol/media/SPX20130618032955_zps6fe4c1c2.png.html?sort=3&o=2&_suid=137149068375409099396563855309
isnt the w3 in your last wave too short ? (1st chart)
DeleteThanks JD I will post them
ReplyDelete