Thursday, August 20, 2009

SPX 8-20 AM UPDATE- X Wave Triangle

This may very well be an X wave triangle with a sub-wave 5 throw-over or sub-wave 5 is working on it's b wave now. The final c wave then targets 1008-1010 just like the count below.

If the X wave count is still in affect, I have wave C of X developing an Ending Diagonal.

The current count is sub-wave 4 is in progress. I have sub-wave 5 hitting near 1008, which would correspond with 2 different trend lines. The first line being the upper trend line of the diagonal and the second being the descending trend line starting from the 1018 top.

We will see what happens!


  1. please post for me an ultra bullish count.

  2. sure thing. give me a second. i may also have a count for this x wave as a triangle

  3. So, are we headed to <1000 on SPX after completion of hitting 1008?

  4. Tushar,

    my downside target has not changed. I'm still looking at 970-960. Where we head from there we will have to see.

    i keep you posted via the blog.

    thx for viewing

  5. wave i asked if you saw any count leading us towards 1050 straight ahead, no retracement.

  6. jose

    no time right now to post a bullish count but just looking at the structure, perhaps it's a leading diagonal wave 1?

  7. i dont know...thats why i ask you.
    I see that goverment is pushing up no matter waht it takes, so i am looking for a count that could take us up to 1200.

  8. Thank you wave. I appreciate your work and insight.

  9. jose,

    my '?' mark was more rhetorical than anything. at this point, one cannot provide a count other than the fact that this could be a leading diagonal wave 1 up. since this could potentially be only the 1st wave there are no other waves up to count so i can't count my way up to 1200.

    now if you wanted potential price targets higher, then i would keep an eye on the retracement levels from 17 month decline:

    1014 = 38%
    1121 = 50%
    1228 = 61.8%

    1044 is also another one to consider since this is the previous 4th wave extreme from the 17 month decline. ewp says price will typically retrace back to this level.

  10. understood....lets see how we finnish today..

  11. i have a suspicion we close red. how much? who knows. just probably not green. but i should just keep my mouth shut and watch the market :)

  12. not by fundamentals....let us see.. just one hour

  13. ya. not much time left unless 5 quick waves develop, which i doubt.

  14. as tomorrow is an expiration day i think we are getting a 3 up.- why? because every one is short. they have to squeeze the market to post huge profits they are not getting with recurrent business...