Last edited by KeiZai on Tue Jan 17, 2012 5:11 pm, edited 2 times in total.
My satisfaction always came from beating the market, solving the puzzle. The money was the reward, but it was not the main reason I loved the market (Jess Livermore)
SPX: The wave structure suggests a potential ED is in progress. Once it is finished the up leg off the December 19 low will be done.
I expect that the wave iv of the potential ED should bottom at today´s gap fill=1289.09
A substantial move lower will kill this idea.
If this s/t scenario plays out, we will have to wait for the pullback in order to determine if the wave (C) is tracing an ED or an impulsive 5 wave up leg
lqiantobe wrote:Corba, YGE is still on the consolidation? the pattern looks good so far?
I don't see problem here but you should take some profits now. because this rebound is already 3 legged and overlapping. not a start of something very bullish.
Like to read more of my commentaries? Please subscribe my Daily Market Report. Subscribers can find all the members only posts HERE. StockCharts members, please vote for me HERE, thanks.
My satisfaction always came from beating the market, solving the puzzle. The money was the reward, but it was not the main reason I loved the market (Jess Livermore)
TWT wrote:SPX: If only 3-wave up leg off Friday´s lod then the impulsive option could pan out with an ED
This EW labeling may be wrong. Based on EW rules, wave (III) can not be the shortest.
and also wave iv should not have overlaped with wave i
In this case, it is permissible that wave i and wave iv are overlapped because an ending diagonal is being formed. I think the top is in today. Attached is my EW labeling of SPX. An ED was formed with a little undershoot. In a similar EW labeling of INDU, an ED was also formed with a little overshoot. To confirm this down-trend, all we need is just a 0-crossing of NYMO, where a negative divergence was shown on 01/12.