Wednesday, March 10, 2010

If P2 Is Still In Progress...

DOW


DOW 60 Min ED


SPX



SPX 60 Min ED


I'm not sure if I have seen this count out there with the other EW bloggers. I'm still watching this count but should SPX breach 1150.45, I would immediately turn to this count.

Based on this count above, the move off 9835.09 (DOW) and 1044.50 (SPX) is a minor wave C ending diagonal of intermediate (Y) of P2. It appears three subwaves have completed/near completion. I'll be looking for a pullback for wave [iv] before a final 5th works prices higher. Again, this is all assuming that 1150.45 is breached to the upside.

2 comments:

  1. Hey Grand-- after today's action was looking at your longer term SPX again-- am I reading that right that your entire "Z" is a large A-B-C flat? Its interesting that labeling it like that gives you roughly 3 equal periods as well: W (low to "x" low) was 85 days, Y is 82 days, and we're now 88 days into Z (Not that it means anything, but if A=C of Z in terms of time, we're looking at April 21st!). Are you looking at 1165 as a realistic target (A=C), or do you think C extends above 1200? It looks like your ED trendlines probably cross a couple of weeks out from here-- it would be a stretch but 1.618 also looks like it challenges 0.618 retracement from the top... thank you again for your insightful and original postings...

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  2. Hi anonymous

    thx for the feedback. you are correct. i am calling wave z a flat. interesting observations on the time.

    i'm thinking C may extend (see 3/11 eod post) and possibly target 1180 but 1165 would work as well.

    thank you for reading and will keep an eye out for that 4/21 date

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