Tuesday, September 1, 2009

SPX 9/1 PM Update

Ok. Let's try this again. I have eliminated, for now, my count for an expanded flat for Minor B.

Could it still be possible? Perhaps. Say Minor C turns into a running flat it would still work. Given today's action though, I'd say it is no longer my preferred count.

In the end, like I had mentioned previously, all three interpretations achieve the same result. I just cleaned up the chart a little bit and placed two counts. Again, I'm trying to keep the chart real clean.

So my primary (which again can still work with the expanded flat minute iv scenario) count at this moment would have us at the beginning of P3. I have labeled today's down leg minuette (i). However I am not certain of the correct degree at the moment. I don't think this matters so much at the moment so much that it is a wave 1 down.

By today's close we were wrapping up sub-minuette iii and possibly working on subminuette iv. Once minuette (i) is complete, which I am guestimating near 980, the bulls will attempt to buy this dip and raise spx back towards 1020 or more.

This will allow for a nice minuette (ii) retracement forming the right shoulder of the H&S formation. All this is highly speculative, but I added one more to top it all off.

I'm guessing minuette (iii) will develop a 1-2 1-2 type structure to start before the 3rd of 3rd kicks into full swing. This would fit in perfectly with broadening out the right shoulder and mimicking the step-like structure of the left shoulder.

As for my alternate, the count is in place in blue. By this count, minute [iv] is just about to wrap up before a final push higher to complete minute [v] of P2.

Once again, this alternative count, achieves the same target before carrying on with P3.

I know I am getting way ahead here. I have learned that analyzing the waves should be done one wave at a time. However, sometimes it doesn't hurt to attempt to look forward just a bit.

As usual, we will see what happens!


  1. wave i am holding a large position with hugh profits. sell now? or wait for (ii) pullback? chances for that (ii) pullback?

  2. Jose,

    I think you should read the information just below the title of this blog.

    is that what you mean??
    you mean with those pills i wont be depressed if a loose weight (my account weiight i hope you are talking about)???

    ok, send me a cuple of boxes to my email lol....