Tuesday, October 13, 2009

SPX - 10/13 UPDATE : Bearish Count version 2

Ok. Let's try this again.

I like using the line chart every now-and-then. It helps to smooth things out sometimes and I believe Prechter states in EWP (pg 70) that he, A. Hamilton Bolton and R.N Elliott kept an "hourly close" chart.

Apparently using bar charts can be misleading "by revealing fluctuations that occur near the time changes for each bar but not those that occur withing the time for the bar."

By using the line chart, I re-labeled my counts because I believe it counts better this way. The move from 1079.46 certainly counts well as a 5. I re-posted my 5 min chart as well with the new labels.

I'm thinking a wave B or ii is completing a double zz. INTC's news may throw this count completely off but if not, I am still expecting a move down towards 1060 with either a wave iii or c.


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