Tuesday, August 25, 2009

SPX Count 8-25


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A Closer Look At Subminuette iii and iv.
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UPDATE: I have included this chart of E-mini. It is showing a very similar count.
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Ok, so who am I to come up with a different count from the more experienced guys? I'm going to go out on a limb here and present a count I think may work.

So far everything looks pretty good to me. Most of my comments are on the charts. I know it is very busy. When I first started posting charts on this blog, my goal was to make the charts as clean and simple as possible. I know how confusing the labels can get and it just makes it hard to digest.

Unfortunately, this chart is filled with markings/labels because I need to explain what I am seeing.

I hope it makes sense. Please feel free to comment obviously and I'll be happy to answer any questions you may have.

The bottom line is I have Minute wave [iv] in progress and I believe it will play out as a flat. It appears that wave c of Minute [iv] may be in the process of developing a 1-2, 1-2 wave structure.

My target for Minute [iv] has not changed. I have been calling for it to fill in the 1018-1016 gap now for a few days.

This chart/analysis, I hope, will shed some light. A Fibonacci confluence indicates that this may be possible.

Once Minute [iv] is complete, I would expect a Minute wave [v], which would be up. Nothing has changed with regards to where I think Minute [v] will head. Take a look at my previous posts on channeling for a clue.

I have also included a 1 minute chart, which I hope highlights the fact that Subminuette iii and iv (in red) are legitimate. It is clear that SubMinette iv is subdivided into a Micro a-b-c.

So we will see what happens tomorrow.

Note: I have noticed that blogger has been publishing my charts a lot smaller than it should on Firefox. I'm not seeing this with IE. If you are having a problem reading the chart, just zoom in on the image.

You can do this by pressing Ctrl and '+' simultaneously.

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