Charts I’m Watching: September 30, 2011


So far, so good.  Have a great weekend, everyone!


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 SPXU harmonics, in no particular order.  Lots of choices, here.  The smallest crab starting 8/22 that points to 26 looks doable under wave 5 down, unless I’m way off on direction and timing.

The crab that started in Nov 10 points to 30, but that could take a little longer.   Keep in mind, I’m speculating here.  This is not investment advice.

NDX:  Rising Wedge, Gartley and H&S;

NDX:  continuation H&S; pattern points to 1973, or you can look at it as a bear flag with potential to 1934.  Either way, could get ugly in a hurry.

Remember that at the 2011 top, NDX made one more higher high as SPX was making its first lower high, two weeks later the market cracked and we fell 250 points.    Did the exact same thing in 2007/8.

TZA: Bull Flag, backtested, breaking out

TZA: IHS points to 64
SPX RSI TL -Moment of Truth


Charts I’m Watching: September 30, 2011 — 3 Comments

  1. Pebble,

    Can you assist to analyze the instrument SPXU using the harmonic price pattern. I am seeing a bigger BAT pattern target of 34.18, and a smaller crab pattern of 28.47 or 35.28 ? Just wonder which is more likely to fit with the SPX decline scenario ?