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Tuesday, June 30, 2009

Looking for The Blue Y Wave

I bumped up my labeling of the recent rally from 888 and on this chart I show a blue X wave peak at 930.01. 930.01 is exactly .611 retrace back toward 956. Very close to a perfect .618 Fibonnaci. What that leaves is the blue Y wave. What form that will take we do not know yet. But as part of a proposed double three corrective pattern it can be another zizgag, flat or triangle.

So the most bearish form I can make for the Blue Y wave would be another 5-3-5 zigzag down which would break lower than 888 recent low. I show this bearish option on my chart. I have 862 as the low. I achieve that target with a simple Y = W.

But like I said, one subwave at a time. But I want you to see what my top count is at the moment. And that is a blue Y wave playing out as part of a double three (or double zigzag) down from 956 peak.






4 comments:

  1. Dan, What do you think of H&S Pattern forming on SPX chart.

    SPX High 956.23
    Left Shoulder 930.17
    Right Shoulder 930.01
    Neckline 875-880

    Kaboom...Bring the rain LOL

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  2. Dan, would you be able to give me your take on UNG?

    I really appreciate all your hard work.

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  3. I was going to post on it, I have a chart ready to go. Its an obvious pattern and every trader can see it.

    So I don't like it for that reason, even EWI has noticed the potential.

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  4. thx for ur reply to my earlier question dan. funny, i must have posted my question just as u posted this.

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