Tuesday, August 14, 2012

Charts 8-14: 1422 coming?

A wave 3 up tomorrow, of 1.618x the magnitude of what I am counting as the W1 of the last 5th here, will take us all the way up to 1422.  Then it's an easy layup on August op-ex Friday to reach 1430 and the New Moon.

This weekend could bring fresh news re the Greeks' next credit card payment, or even Israeli F-16s over Iran.  Go Team David!  If this is our top, I'm looking for SPX 1260 into the full moon at the end of August, in a series of violent swings.

So far in the overnight, copper looks very supportive.  Maybe they'll fix Europe in the next few hours and we'll gap up again on the /ES in the morning.

That old op-ex magic

No comments: