[9:50 AM Update]
5th Wave ExtensionI think this is a very good scenario playing out. See this previous post on the Golden Section to understand what the above chart implies.
If a 5th wave extension is occurring, 1293 looks like a good target. This also fits in with my reverse fib technique/confluence chart. See here for that chart
Pre Market
/ESNo counts for e-mini just a simple channel and a range is highlighted.
I believe this may have been the first time I posted this chart back in July. If you have been reading this blog for some time, you may have already seen this chart. I hadn't taken a look at it in a while until this am. Below is the most current update.
SPXWhether or not there was any merit to the comparison, it surely panned out.
If your interested in seeing the progression of this chart, check it out here here.
I bring it back because this is an example of what I deem "outside the box" thinking. Or maybe it's just a form of pattern analysis.
Call it what you will but maybe it's relevant because I continue to see comments on blogs about how manipulated the markets are or how such and such indicator is not working, or EW is worthless, blah blah blah...
I bring this up because, maybe one should give some consideration to how popular a TA tool is and treat it with a contrarian view; meaning, if everyone is talking about it and referencing it, maybe it is no longer useful. Isn't that an argument of those who do not believe in TA, the fact that it is a self-fulfilling exercise?
Anyway, all I'm saying is, if something isn't working, rather than moan and groan about something not working, maybe we should look for another solution or a another way of analyzing the market that perhaps the majority of folks aren't doing.
Just my humble 2 cents.
