Trading Against Wedges - The Larger Picture Melt-Up
The SPX has been in an uptrend since the multi-month corrective wedge ended October. Since this monthly trend is now confirmed up, one should only speculate with the impulse trend, not scalp against it.
A very fast c-wave rally should now develop into Feb./Mar. and nearly complete the multi-year Elliott pattern from October 2008. Only waves d and e will remain lasting into summer 2012.
Main concern now is adding more long positions and holding as the SPX breaks above 1400 in a fast blowoff that may have already begun 11/25.
Not too concerned with the short term noise and squiggles here as any December losses could easily be erased in just one or two large upside trading days ahead.
Corrective wedge in NYSE and melt-up projection
A very fast c-wave rally should now develop into Feb./Mar. and nearly complete the multi-year Elliott pattern from October 2008. Only waves d and e will remain lasting into summer 2012.
Main concern now is adding more long positions and holding as the SPX breaks above 1400 in a fast blowoff that may have already begun 11/25.
Not too concerned with the short term noise and squiggles here as any December losses could easily be erased in just one or two large upside trading days ahead.
Corrective wedge in NYSE and melt-up projection
posted by chartblog at
10:19 PM
2 Comments:
http://1.bp.blogspot.com/-UuEGR1MwSlc/TufJ9w-YnNI/AAAAAAAABG0/C3uIwEQZkhw/s1600/square.PNG
Dave,
Your Gann square of 9 dates in red square are very interesting, are you going to have new update for next year. Thanks
Hi JC,
Square of 9 is showing success. (Todays high energy date from 7/24 no exception)
I will focus more on it.
Thanks,
-Dave
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