Blastoff
Rally into month end is on.
Chart update showing uptrend into August, target SPX 1376-1380. Month end rally also likely to extend into the mid-August Full Moon Spiral date.
Chart update showing uptrend into August, target SPX 1376-1380. Month end rally also likely to extend into the mid-August Full Moon Spiral date.
posted by chartblog at
2:20 PM
5 Comments:
Like I indicated yesterday, the fib retracement target of .618% was met at yesterday's SPX low. Probably yet another zig-zag to the upside, with perhaps an "E" down to follow before coming out of the Triangle in bullish fashion.
I have tomorrow (20th) as a potential negative down day.
Do you have a chart of your triangle.
This mornings open left a gap, which may or may not need to be filled. Many strong upmoves will have sharp initial retracements, just something to watch for tomorrow.
It's interesting to see all of the Elliott Wave counts over the Internet.
Daneric, who constantly "rushes" counts and is the all-time PermaBear (he can't wait to label the wave count as "P3") shows the S&P trying to finish off the 'D' of the Triangle before heading back down into 'E'.
I would actually tend to agree with that count, and that's saying something because I rarely agree with his bearish bias.... which all too often "colors" his counts.
Robert Miner in my opinion has the best view of Elliott.
http://www.slideshare.net/thechartisttraders/practical-elliott-wave-trading-strategies
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