Sunday, March 21, 2010

Is The SPX Still In P1?

Option 1


Option 2


First of all thank you to Humblestudent from the CiL (see the Circle Community lounge link above) for bringing this count to my attention. What if Intermediate (4) turns out to be an expanded flat?

Second, I know that right off the bat, wave (4) just seems out of proportion, does not alternate with (2) and may not count as 5 waves up from the 666 bottom (that's what option 2 may be for).

But let's just entertain this option anyway and keep it in the back of our minds. It certainly would explain why there were only 3 waves down for Intermediate (5) and the Fib ratio is right on the money for an expanded flat. Minor B is just shy of 138% of A (or X of W if using option 2).

Comments are welcome as always.

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