Wednesday, June 22, 2011

Long and Strong - "Missing structure" on the weekly chart....all eyes on a bullish November

There appears to be a discernible missing wave on the weekly chart...an incomplete pattern with missing structure....

Labeling of this structure is inconsequential, one can label it a 1-2-3-4-5 or a-b-c-d-e but it appears that we are currently in or finishing wave 4 or d. If wave 4 or d isnt complete, it may complete as a flat into July, August. If my August 15 Spiral date inverts and becomes a low, it will be just another buy spot. In trading big swings, I'm really not too concerned about elliott labels and daily high lows squiggles. I'm mainly concerned about making money being correctly positioned for the bulk of the larger trends...

My fast wave A out of wave X from several posts back is also still in effect. August 15 will be an interesting date, but from what it appears, the bulls should win with just about any scenario from now to November.

See Third Chart - Even a sharp drop back below SPX 1250 wouldnt negate a bullish November run.




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