SPX WEEKLY
For those who follow this blog, you have seen this count a few times now. I have it posted in my alternate count page (to the right) and also posted on it a while back here.I know it is a highly speculative count but it bears (pun intended) watching.
I know the bears have control right now but this is mainly to keep the mind open to other options out there. I would hate for other bears to become tunnel visioned to an elusive Primary wave 3 count. Though it may feel like we are on the cusp of such a wave, I still like to throw these other options out there to keep us honest.
Just looking at the first weekly chart above, wouldn't one think that the neckline of the very large inverted head and shoulders that was formed during Mar 09 provide some serious support? That looks to be at around 1000.
The bottom chart highlights a Fibonacci ratio for wave c to a, which shows that c=1.618*a. Hmmmm....
The third chart is one highlighting some Fib fans. The yellow one will be interesting to watch.
Looks like SPX e-mini is in a mini rally so far. It may be confirming by bear and bull count from my EOD post today.
BTW. I'm still waiting for that death cross to go full on bearish. So until then, more of these bullish alternates will be posted.
Let's see what tomorrow brings.
Not sure about the triangle theory since C. breaks below A. I don't believe that's allowed.
ReplyDeleteHey Gumbo.
ReplyDeleteYour right. Thx for the reminder. This was presented a while back for the triangle before we hit the new lows. The only other option from this alternative is that it is a wave 4 flat or X. I'll make the appropriate changes the next time i post this.