Measured Move - SPX 1330 4 Year Target
Gravestone Doji/Inverted Hammer success so far...there is a harmonic date due 12/4 which may be the next buy low.
This multi-month bullish Elliott pattern we are in, I have as beginning on 9/23/2011 not the 10/4/2011 low which was the b-wave fakeout.
Measured move from 9/23 puts the SPX at that 1330 area that the 80 week Hurst offset sees. This 1330 could be hit as early as 12/28/2011 and most likely before 1/13/2012....two key Gann harmonic dates.
If 1330 is reached over the next 5-7 weeks, that will be an area I will go 100% into cash to then begin ascertaining/assessing top configurations to short for a 5 year bear market low due late 2012.
Just for interest notice the harmonic Gartley type pattern on todays first chart marking recent top (clear in hindsight). Also, are we building a larger harmonic Gartley type top? (second chart)
This multi-month bullish Elliott pattern we are in, I have as beginning on 9/23/2011 not the 10/4/2011 low which was the b-wave fakeout.
Measured move from 9/23 puts the SPX at that 1330 area that the 80 week Hurst offset sees. This 1330 could be hit as early as 12/28/2011 and most likely before 1/13/2012....two key Gann harmonic dates.
If 1330 is reached over the next 5-7 weeks, that will be an area I will go 100% into cash to then begin ascertaining/assessing top configurations to short for a 5 year bear market low due late 2012.
Just for interest notice the harmonic Gartley type pattern on todays first chart marking recent top (clear in hindsight). Also, are we building a larger harmonic Gartley type top? (second chart)
posted by chartblog at
12:28 PM
5 Comments:
Dave, Dec 4 is Sunday, so what day we should consider for next low, Dec 2 or Dec 5? Thanks
Usually those weekend cycles carry to the closer date. So any surpsises on Monday the 5th may be interesting.
Dave, I found your blog by searching GANN theory in the google about one month ago, it is very interesting. You are very knowledge. Is there any good book on GANN theory? Thanks
Hello Anon 5:41, welcome.
There are alot of good ones. I should type up a reading list sometime. Bill McLaren Gann Made Easy and LJ Jensen Astrocycles of Speculative markets are excellent. MedianLine com has the free Babson course.
http://www.medianline.com/journal/category/action-reaction-course
I was in a Barnes & Noble type bookstore looking for books on Moon cycles one time when I came across a gem of a Gann book that is now hard to find.
It's called Financial Astrology by Joan McEvers....its filled and packed with essays on Gann and cycles.
Ill post on books soon, its a good topic.
-Dave
Jesse Livermores book "How to Trade In Stocks" is short and very wise. Only 100 pages or so.
That book really gets to the point on how to act smart and what one should expect to accomplish.
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