UPDATE: 3:00 AM THE PATH TO 350: Day 7 The strong counter-trend rally is developing a rising wedge with an apex of around 1180. This coincides well with the Bat pattern .886 (mentioned below) of 1182. SPX has held pretty religiously to the B-6/B-7 channel thus far, the only excursions being intra-day shadows. So, … continue reading →
Category Archives: Charts I’m Watching
Back in July, I blogged about the 2011 v 2007 pattern being off by a few days. It struck me then that as the 2011 market approached the edge of the cliff, it slowed relative to 2008. Perhaps some of the forces propping up the market were aware of the analog and threw more ammunition … continue reading →
THE PATH TO 350: Day 6 Charts updated for end of day prices. So far, so good. Going to have to think about the EW count a little more, but I take great comfort in the fact that the midline of the channel effectively capped today’s rally. And, an updated chart on the 2011 v … continue reading →
THE PATH TO 350: Day 5 Again… so far so good. And, a crack at the Minor 1 Elliott Wave count. Note that (iii) amounts to a 1.618 multiple of both (i) and (v) — assuming we make it down to 1040. ORIGINAL POST: 11:00 AM I’m expecting internal trend lines to shape today’s price … continue reading →
THE PATH TO 350: Day 4. So far, so good. Still looking for a descent to 1040 by next Friday the 14th. Although, at this rate, we might well arrive before schedule. More later. … continue reading →
THE PATH TO 350 – DAY 3 So far, so good. Have a great weekend, everyone! AND, THE REST… Don’t know for sure… but I’d bet dollars to donuts that we go through this point at 1117.50. Fan lines are your friend. Will it wait till Monday, or is it ready to… A look at … continue reading →
THIS JUST IN! Did you see the headline? “Boston Consulting Group Concurs with Pebblewriter: Economy in Deep Doo-Doo” Okay, I made up the Pebblewriter part. But, I did publish my 3-page opus a day earlier than their 15-pager (how did they cut and paste so quickly?) It’s worth a read, if only because their graphs … continue reading →
And, no, I’m not talking about Apple. Although, come to think of it… At some point, the analogy I’ve been drawing since May between the 2007/8 and the 2011 market tops will fail. In the meantime, the 2007/8 top has served as an amazingly accurate guide as to the current market’s direction. It might be … continue reading →
UPDATE: 1:20 PM The market’s hanging in there, in the face of increasing divergence. Is a turn imminent? Take a look at TZA — the triple-leveraged inverse ETF on small caps. TZA peaked on Aug 8, back when the market last hit bottom. Since then, it’s been bouncing back and forth in a descending channel. … continue reading →
UPDATE: 3:50 PM Big rally on light volume. Sure seems like SPX wants to fill last Thursday’s gap at 1166.58. UPDATE: 1:10 PM Talk about a party pooper… UPDATE: 12:55 PM The 60-min RSI still holding to its trend line. UPDATE: 12:40 PM As has happened so often these past couple of months, we overshot … continue reading →