Playing this as a 9 Year Low - Large Running ABC Correction off the Early 2010 high
If you take a long term view and step back to look at the weekly perspective, this is an incredible opportunity.
Short term painful, but long term just a bump on the road to SPX 1750...
Bottom line is the 4 and 6 Year Highs in the SPX havent been hit yet, and they are not due until 2013-2014. Arithmetic chart puts the SPX around 1750, Logarithmic chart puts the SPX around 2250.
This wave C we are currently in isnt likely over yet, but putting more cash to work, buying the dips for a snapback rally.
There is a strong Mathematical low window building October 27 - November 6 to watch as an end to this larger C wave.
Short term painful, but long term just a bump on the road to SPX 1750...
Bottom line is the 4 and 6 Year Highs in the SPX havent been hit yet, and they are not due until 2013-2014. Arithmetic chart puts the SPX around 1750, Logarithmic chart puts the SPX around 2250.
This wave C we are currently in isnt likely over yet, but putting more cash to work, buying the dips for a snapback rally.
There is a strong Mathematical low window building October 27 - November 6 to watch as an end to this larger C wave.
posted by chartblog at
3:49 PM
6 Comments:
WEDNESDAY, AUGUST 03, 2011
"I am holding longs from the SPX 1313 area, and adding to a few longs on this weakness. Holding for summer rally/labor day out of these 20 week lows."
I bet your not holding anymore !!!
Stop smoking that hopium, we likely wont see 1300 spx for years. Look at the volume we broke down with, thats serious stuff.
Seriously - Would be interesting to see your macro ew count, since most ew guys out there dont have any bullish counts anymore and are counting down to below 666 within 1-2 years.
Like I said about a week ago, the Bradley Cycle has had a HORRIBLE correlation with the SPX over the last several years. It has been much better for Crude, but not the SPX.
Not sure why anyone (especially a trader) would be "frozen" and holding longs from 1313 SPX. At today's lows, that is over 10%.
That having been said, I can see a "bounce" up to the 1240 area over the short-term based on the ECB and The Bernanke's upcoming speech on Tuesday.
Dave,
"There is a strong Mathematical low window building October 27 - November 6 to watch as an end to this larger C wave."
Attempting to get a better grasp of the Hurst cycle lows and frame work that you are using to predict the future.
Due you have a chart and/or list of recent cycle lows and/or projected time periods for corresponding future cycle lows that you could post on your blog?
Are you expecting the 9 year cycle lows to potentially correspond with the October 27 - November 6 time period?
TIA
Possible longer term bullish wave configuration:
http://www.siliconinvestor.com/public/7899034_d1c66dffe1b4bc76360659fc82587a46.png
Bearish shorter term:
http://www.siliconinvestor.com/public/7899034_416d3d7f5c853e7a0bbe99e4a5c6c312.png
Nice graphical site and some interesting stuff but your credibility as a forecaster to be followed has been shot to pieces.
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