We look to have just completed a running flat correction, and are now in the early stages of wave (i) of 5. Another leg down for the dollar is underway.
We look to have just completed a running flat correction, and are now in the early stages of wave (i) of 5. Another leg down for the dollar is underway.
I'm with ya pip and i'm shocked ! This market has claws.
Below is a more detailed analysis/modification of the original chart:
I am presentiing both a Daily(more refined) and Weekly view of what I believe to be occuring with the SP500. I believe we have more room to the upside in what I think is a Z leg of a triple three correction from the 666 lows. If you look at the proportions (all on the Daily chart) of the legs so far, they are relatively harmonic. Now, I concede that we could be finished at the 'Y' point, and I will let time prove me wrong, but I am leaning towards this interpretation.
The current structure has the first X wave retracing 30% of W, and the present XX wave retracing 30% of Y. That being said, I don't believe that this XX wave is done yet. In fact, if you look at the Major Trendline that we have corrected against, it stands to reason that we may need a few pokes at it to break on through. This to me, smells of triangle formation - 3 bumps and then through - which would also satisfy the guideline of alternation ('X' was a sharp double zigzag, so 'XX' could be a triangle). Triangles are often the penultimate structure, which would fit nicely with the last Z leg of this correction.
On the Weekly Chart, I have a projected target of 1236ish, which represents a heavy confluence of individual targets and time:
1) Its the 61.8% retracement of the entire drop
2) It's where Z=78.6%Y (notice that Y=78.6%W)
3) It's where the Inverted Head and Shoulders projects to.
4) Its where the 78.6% fib fan resides
5) All of the above intersect the 78.6% Fib Time Projection on April 04,2010
So, I have taken all of the above into account, to go out on limb and say that this rally is not over until the spring. Just some food for thought.
This is an update from my post at the beginning of November. We look to be just starting the final wave C of Z of the triple zigzag off of the 666 lows. This could be a blow off C wave with a target at the 61.8% fib of 1236.
I'm with ya pip and i'm shocked ! This market has claws.
Very sharp ones at that. I think we just witnessed a serious shakedown. If you look at the SP500 chart I just posted, everything seems to be moving along.
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Originally Posted by stanchiam
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