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Friday, April 3, 2009

Inverted H&S Target:857

These inverted H&S have been reliable from the move off of 666.79. Loys of them have played out. Last one maybe to play out. 857 Target. That aligns with my target from my other charts/posts I posted tonight. The Fibs would work out nicely too for the subwaves (not shown).
After 857 look for a retrace to around 830 for starters. This would be a minimum move. If it turns out that Minor wave 2 is kicking off to lower marks, then the next target is the 810 area gap. The whole thing could end in a wedging move indicating exhaustion of the bullish move up...


  1. Print the chart, draw a vertical line up from the low at 666.79, fold it back over it self and hold it up to the light and see another gee wiz. Just a thought since everyone is on a "pattern (1938) following) crusade. The are mirrors and Prechter has shown them in the past. At times he's even folded then inverted half the mirror for some interesting fractals with some interesting measurements. Happy Friday.

  2. Dan,
    I don't think it's proper to talk about IH&S in this example, even if it matches your target.

    By definition (from"The Head and Shoulders bottom is referred to sometimes as an Inverse Head and Shoulders.(...) As a major reversal pattern, the Head and Shoulders Bottom forms after a downtrend, and its completion marks a change in trend."

    We had market ADVANCING. Therefore, using here pennant, bull flag or triangle seems to be more adequate. - LB_99

    Don't hate me because I love your EW work :)

  3. Momentum indicators are positive and this small H/S formation is viable. Notice that there is also a second, much larger inverse H/S in the making. Quite safe to hold long positions now, both short and medium term.

  4. hi daneric..... I saw that but agree with anonymous above.... that said, you need to look at the 666 as a huge inverted h/s that is being drawn.... when the right shoulder is put in we will be in the 750's..... I will be starting my own stockchart section called chartgirl and will let you see what I am saying.... funny thing is when drawn correctly, it will look something like a pentagram... no joke.....

  5. Any comments on this wave analysis would be appreciated. This guy has been dead on accurate for over a year, and he is calling for a pretty severe crash in both gold and SPX.

    "All the Elliott gurus have the general markets in a Big C here. I do not, I do not like crowds. If this is not a Big C what does that infer for the future? ...

    I will finish up by just saying my wave counts across the board are pretty bearish. They have continued to get more bearish really, as this bear has moved along. I have seen no bottoms and to get there I believe we yet need a big wash-out move down, to wash out and pop the fear bubble. I do not know if it started today but I think it should start in here somewhere. Today I note that every indice I show on my indice list is red, and this includes gold.

    To get a wash out move this is also something else I want to see ... everything moving in unison.

    The DOW per my analysis has been in counter trend corrective mode, since about Oct 13th. The trend is still down. Every leg since that point I have charted as a '3'. We need 5 legs complete to end this and head down and we are in that area. The whole series is also downward sloping as well, which is very bearish. If you look closely at what the Dow is doing it is falling through one line of support after after, then each time rallying up to the backside of what it lost. This ain't boolish action. It shows weakness. If the Dow crumbles do not count out a sub 4000 bottom."

  6. What for a Target do you have for Primary 2?

    If this 190 P Move is only Subwave 1 of A... this ZigZag must be very big, quite impossible


    ???? thoughts?????

  8. Please could you post a chart with a larger time frame?
    It will be good to see the big scenario (for the next 2 or 3 month).

  9. Dan from Max Cherry

    I still think that we could be in a wave 4 running flat from the Nov. lows. check out the pattern at the bottom of this link and the running and expanded flat in this link both I think are still valid counts especially with the low values on the 21 day put/call ratio and also the Bradley model calling for a June turn

  10. The yen is facing some headwinds going forward this week - BOJ press conference and RBA rate annoucnement both on Tuesday.

    That could put a crimp into the equities rally if RBA cuts more than expected.

  11. Well I have a chart up of what I'm talking about above... hope you like..... constructive criticism on my charts is accepted....

    also, pls visit the blog...