Wednesday, August 1, 2012

Charts 8-01: 2-4 trendline fixed

The channel looks better, and it looks like we are much closer to an unbroken 2-4 wave trendline.  Wave 3 up was so swift and steep, with an extended subwave (v), that wave 2 was hidden and obscured down below.  So we spent most of the week in slow bleed mode, waiting for FOMC, and working across the channel.

Can we cross the channel one more time in dramatic fashion to put in a new high at SPX 1428?  By Friday?  I just can't wait to see what goodies the ECB has for Europe and All of Mankind tomorrow morning.

Three peaks and a domed house count is still ON.  Did we put in point 22 late today?  Sure looks like it.

I'll get out this weekend and take some photos of the latest RE horrors around Ballard (Seattle, WA).

Channel with Elliott labeling and 3PDH

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