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Friday, October 30, 2009

SPX Squiggles

EDIT: There is also a decent chance the Friday low was the Minute [i] low and that Monday we rally. The end squiggles can be subjective. However they say that Mondays usually follow through, at least somewhat, from the previous Friday. Not always of course.

I have been using the EWI method of base, acceleration and deceleration channels when charting squiggles and such. Surprisingly, I think it worked out even in this move down today.

I think studying squiggles is useful in situations such as we had today. It helps identify where a high probability turn is coming.

For instance those who say we are going to crash very hard Monday wouldn't necessarily say that if viewing these wave structures subjectively using the methods of channeling as I have done here.

Impulse waves moving in the same direction as the larger degree primary trend can be powerful to chart and yield better results more often than impulse waves moving against the primary trend of which P2 was one big corrective waveform.

Correctives can mutate in many complex ways, but impulses are fairly straightforward. Hence P2 was not an easy slog when charting squiggles.....

We'll see Monday...

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