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Wednesday, September 16, 2009

The 1098 P2 Peak Count (Update 1:56)

UPDATE (1:56) Look. I am as tolerant as the next guy, but really why would I put up with people trashing my comment board and linking bad comments from other sites (WAGs sorry buddy but that really crossed the line) that are bad against me? I mean thats why I left the Yahoo boards. Yeah the "ED" didn't work out but I have shown us to be in Minute [iii] of C yes?
Has that changed?

Look, I can take a ribbing, it won't be the first time and won't be the last. Just go do it over on the Yahoo board please.

I mean really people.

UPDATE (9:47) The market looks still weak. Doesn't look like a "third of a third". A potential squiggle count of a revised ending diagonal. Keep an eye on key pivot points. Heavy total volume because TD Ameritrade is very slow.

The count that takes the cash SPX up to the 1097 gap would actually look pretty decent as far as expansion ratios, etc. I have been throwing around variations of this lately. This count predicts that we may have come to the "third of a third" spot in the structure and its ready to go up in a high total volume move. The ending diagonal yesterday would have actually been overlapping wave 2's of differing degree.

Why 1098 P2 peak count? Because in my heart, I don't think the gap will get closed all the way.

Why not closed? Because that was the "point of recognition" breakdown gap of the Primary wave 1. Closing that gap would be like nature healing all its wounds. I don't think it will be done. Also I think money managers will sell it beyond hard and it will get shorted very hard.

The perfect contrarian play is that we rally into the gap but not close it. That'll leave a lot of people hanging by the noose.

All this assumes Minute [iii] will expand a robust 1.618 or more.

Either way, the market must break above 1060 today to solidify this count of Minute [iii] of Minor C of (Z) up to a P2 peak. There is no guarantee Minute [v] does not end truncated so a good spot to go big short is at the top of [iii].

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