Wednesday, August 29, 2012

Charts 8-29 a.m.: One last C up?

Apologies for missing a post last night, our fish Betty died and the family has been in crisis.  This means a trip to PETCO is coming soon, where we actually buy something and don't treat the place like our own private zoo.  We had a service last night, burial at sea for Betty, reminiscent of an old episode of "The Cosby Show".

My kids are really into "Fat Albert" these days, as well as Bill Cosby's 1960s stand-up comedy, but I'll take up that subject another time.  We have important business here.

Yesterday sure looked like a B-wave triangle, it reminded me of the larger ending-diagonal triangle we are in, five subwaves of triplets.  So I'm looking for one big C-wave push to 1440 by close Thursday, to make all of our fondest Three Peaks and a Domed House dreams come true.

One more thing.  A of 5 was 18 points (1398 -> 1416).  If C is 1.618 x A, that gives us a 30 point wave, starting at about 1409, will reach our target.

Short-term, view from the trenches
Survey of the larger battlefield


matt_bear said...

still messing around with this damn wedge.

RP said...

Well S&P futs have seen 5 waves down from 1412 overnight to 1402 area. Maybe the end of minor wave c within the retracement wave B. Have to see mkt go up soon after opening up to be in that last C up.