My Primary Count has not changed from the last update. One more push to a high and then Minor wave 2 takes the market back for a retrace under 800.
Today's waves were corrective. More proof is that looking at the es/minis you can see the waves trace a clear expanding triangle which is a wave 4-type corrective structure.
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ReplyDeleteDaneric-lower highs today-whn you say one more push to the top-do you mean over 840? Thanks in advance!
ReplyDeleteDan from Max Cherry,
ReplyDeleteI think the final wave your looking for might have already happened, on Friday the S&P futures hit a new high before the unemployment report and have been nothing but impulsive down. I still think that the rally from 666 is a C of a large running flat from Nov.
As a matter of fact, S&P futures hit 847 after Friday's close - which puts you within 10 points of 857. Agree with the poster above, we're already on our way back down to 750 or below.
ReplyDeleteHi Daneric,
ReplyDeletehow likely do you think is it that we are still in intermediate (4) of primary [1] ?
And if so, what would be the target of this C wave up, providing (4) is an A-B-C (starting in Nov)? 1050ish?
Thanks,
Heiko
Davlee has a question on Primary 1
ReplyDeleteI just took a look at another chart today and I think we may still be in Primary 1 as well and this rally is in Intermediate (4) up with (5) down to 600 still coming starting around May 7th.
Here are my counts from a weekly 2 year chart on the S&P 500.
Oct 15 2007. 2007 Peak / Start (I)
Mar 17 2008. End (I) / Start (II)
May 12 2008. End (II) / Start (III)
Mar 2 2009. End (III) / Start (IV)
May 7 2009. End (IV)? / Start (V)?
I know this doesn't correspond with the 1938 chart, but it looks pretty good. There is a clear 5 wave structure within (III).
http://finance.yahoo.com/echarts?s=%5EGSPC#chart3:symbol=^gspc;range=2y;indicator=volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=off;source=undefined
To davlee from Max Cherry: i posted this the other day "what if this is still in wave 4: Nov. low finishes 3 the rally from 741 to 943 is "a" , 943 to 666 is a "b" and 666 to 845-868 range is a "c" . .. "a" = 203 pts or 27% of 741... "b" = 277 pts or 29% of 943.... "c" = "a" at 868 ... if by % "a" = "c" at 847, 27.2% of 666 ... 848 would be .66 of "b".... "a" is 46 days, 66% of 46 is 30, that would be April 4th." just something i'm watching
ReplyDeleteTo Max Cherry from Davlee
ReplyDeleteExcept that I have March 9th as the the finish for (III).
I'm at work right now so I can't really do any estimates on time or upper limit on this rally if it is all part of (IV).
dan, could you add Djsusfn 10min to your chartbook. thanks
ReplyDelete