3/1/10 - E-Mini Wedge [11:25 AM Update]

[11:25 AM Update]





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A wedge within a wedge? That looks toppy.
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[8:05 AM Update]

This looks like it may be done.
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No counts on this chart, however, that is looking like a pretty decent wedge.

2/27/10 - Similar Waves of Two Degrees Part 2

One Potential Count

Daily

60 Min

As mentioned in my previous post on this potential count, I have added two charts highlighting the Fib relationships of the expanded flat for wave 2 in both degrees.

The Fib relationship of minuette waves (a), (b) and (c) meet most of the EW guidelines. The only issue would be wave (b)'s relationship to (a). It is 1.83. This is a little high since the guidelines are generally 1-1.38.

The Fib relationship of subminuette wave b to a is 1.43. Subminuette wave c, if almost complete, would be 1.618 to a. Once again, these are decent Fib relationships per the guidelines.

The other two Fib relationships that meet the EW guidelines:

- Minute [ii] retraced minute [i] approximately 61.8% (found on daily chart; blue Fib lines).
- Minuette (ii) is looking to retrace (i) approximately 78.6% (found on 60 min chart; green Fib lines)

The alternate count, of this one potential count, is that the move off the 1044.50 bottom is a 5 wave impulse representing minuette (c) of minute [ii].

If 1112.42 is taken out the subminuette count [waves (i) and (ii)] is off the table. This would bring the alternate count mentioned above into play and of course if 1150 is taken out, this is all off the table.

Trendlines and channels may have been drawn in that indicate resistance levels at these targets. I chose not to do so at this time because I wanted to keep this chart as clear as possible (plenty notations already).

I believe most readers have seen the trendlines and channels I have placed in my previous charts as well as what other bloggers have been posting.

Either count would work for the bears and would imply a wave [iii] or (iii) is coming up shortly.

2/26/10 - SPX EOD - Similar Waves of Two Degrees?

One Possible Count

Alternate Count

I guess I didn't miss too much today. It looks like the nested 1-2 count is out the window. However, I don't think the count is out for the bears just quite yet.

The top chart is one potential count I am looking at. I find the structure very interesting. The subminuette degree waves appear to be very similar to the larger (minute) degree wave structure. The color coordinated arrows on the chart highlight the similarities.

Is it possible that both wave twos (minute and minuette) are expanded flats? I will post more later on this over the weekend and highlight the wave ratios, which indicate that this count is potentially one valid option.

The alternate count is also posted up top. Price climb higher ever so slightly.

It is getting close to the mid-channel (black) line and wave 5 of the alternate count shows the beginning of a possible wedge formation. Wedges indicate that a move is coming to an end.

SHOULD THE BEARS BE CONCERNED?