Missing Wave G
Here is another view of the move from the 2011 highs as a 7-legged diametric formation that aligns with the harmonic Gartley view.
7-wave diametrics (discovered by Neely) either expand as a bowtie or contract as a diamond.
Here is the contracting diamond version. SPX is now searching for a completion of wave f, to be followed by the final wave g. Rule for a diamond diametric is that wave g's are smaller than wave e's.
My best guess is that wave f will complete next week near the solstice Dec 20-22...because a wave f completing Dec 5-7 (lasting only 6-8 trading days) looks very unnatural, unbalanced and incomplete...
12:40 pm update: Since this post the SPX has reversed its gains in what looks like a wave 2 or wave B.
7-wave diametrics (discovered by Neely) either expand as a bowtie or contract as a diamond.
Here is the contracting diamond version. SPX is now searching for a completion of wave f, to be followed by the final wave g. Rule for a diamond diametric is that wave g's are smaller than wave e's.
My best guess is that wave f will complete next week near the solstice Dec 20-22...because a wave f completing Dec 5-7 (lasting only 6-8 trading days) looks very unnatural, unbalanced and incomplete...
12:40 pm update: Since this post the SPX has reversed its gains in what looks like a wave 2 or wave B.
posted by chartblog at
11:56 AM
3 Comments:
Hi Dave,
I agree with you - I believe that SPX probably will make a marginal low on Monday and then rebound for 2 - 3 days, and then probably going to start a leg down (not sure it will stop at the gartley pattern target, will see at that point). I checked the RSI and the stochastics and it seems to be suggesting a rebound soon if not Monday. Will see :-)
Dave,
May be SPX inverse H&S pattern is forming now.
LS 1215, RS 1209, Head 1158
I'm with you guys. Maybe marginal early week low, then rally out of the H&S.
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