Wednesday, September 9, 2009

SPX - 9/9: H & S

Who knows if P2 is over and if P3 began. Let's just remove all EW labels for the moment. At this point, all I know is what I see.

So far, the H&S pattern that I spotted developing a few weeks (check the archive for the previous posts) ago appears to still be on track. Price touched the upper trendline to form the peak of the right shoulder.

Let's see if price bounces off this and heads back down towards the neckline. If it does, I will be watching the 993 level.

As far as counts go, well, we will have to see...Just don't forget, price is getting very close to the apex of multiple wedge lines so be careful.

Not trying to call a top but I wouldn't open any new long positions either. I think a decisive break (either direction) out of the wedge should tell us shortly which way we are headed.



  1. i opened a long this morning and already made a 1,3%, i think i will add some more now.
    I have been tracking your seems it is notredame's hunchback sloulder!!!!LOL!!!

    you traitor!!!!

    come on be a man!! and post all the labels if you can!!! dont tell me you dont have time to count them...just like your friend who has a problem with saite and can not upload them!!!

  2. ok Wave, you have always been kind with me, so i will not laugh at your hs.

    Take a look to keeny's dolar...So stubborn this dollar that does not follow his count. What an insolence not to follow his forecasts!!! Is a bold dolar and is going to be punnished be Kenny!!!

  3. where are you?
    you want to post a drop?, go for it, maybe you´ll be right. It looks awfully bearish today, no trading for me today

  4. what was that like man?
    what was that like???'
    was is a new high for the year?
    but i dont care i will short the market because
    Suffice it to say that there may be some serious reversals soon...
    juas juas juasj
    ho ho ho ho hjo ho ho ho
    ha ha ha ha ha ha ha

  5. look at them
    look at them!!!
    claiming for p3 to begin!!!!
    ohmy they deserve to loose their pants.