Counting the Waves - Wave A = C
No real price targets for the b-wave rally - just watching for this rally to get narrower and triangular into Wednesday area.....
Wave A (in yellow) was 12/22-23/2011 to 1/4/2012 or 12-13 days.
I've reverse engineered Wednesday area as a B top by subtracting 12-13 days from January 24.
Wave A = C
Wave A (in yellow) was 12/22-23/2011 to 1/4/2012 or 12-13 days.
I've reverse engineered Wednesday area as a B top by subtracting 12-13 days from January 24.
Wave A = C
posted by chartblog at
12:51 PM
10 Comments:
Needless to say the next 2 weeks should tell all. A higher hi by 1-24 should bring a drop into early March with a bottoming pattern into mid year. If your scenario plays out that will be very bearish as we enter April.
Cal
Next week is statistically not very friendly for holding long trades:
http://www.tradingtheodds.com/2012/01/spx-at-multi-month-high-before-opex/
US 10yr and 30yr bonds have traded well since Friday's 'upside surprise' NFP data. Suggest the move this week in SPX is very stale.
The SPX high was indeed posted on Thursday morning (in the window Dave proposes), despite the afternoon squeezes on Thursday and Friday.
Back filling to the 1257 gap may well have started.
Would not be surprised to see one more pop into mid week. Then the key 23-25 time period and if a low and it should be, that should set up a mid Feb hi drop again into early/mid March.
twt
Cal
Watching and waiting.
Next 7 trading days will be interesting to see if any c-wave can surface to complete any wave G.
?
Super bull may come after CNY until 4th February 2012 i guess.
Remarkably strong markets regardless of cycles and news. Topside targets of 1306 looks likely.
HEY DAVE - Where are ya? on vacation? Miss your updates
Dave,
Looks like your observation on Gann dates from the 8/9/11 low are spot on, but inverse. The dates, 10/28 and 12/7 are local highs, and so it seems 1/24 will be too (as well as typical new moon high). No sell off before 1/26.
Dave,
How do we get the Gann cycle Date Jan 28? Thanks
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