Monday, September 10, 2012

Charts 9-10: 1448 on deck?

I posted a VIX chart this morning, and we managed to pop enough at the close to cross the channel I drew.  Both SPX and VIX are set up for potential topping / bottoming moves for tomorrow if they each go about 1.618x the length of their respective wave 1s.

If this works out, and we get a higher high, it affects the shapes of the waves that follow, in a good way.

Wave 5 still left?
Little VIX channel
This same I-T pattern shows up on the /6E and /ES charts.  One last topping thrust tomorrow into the German court decision would be great.

Oh, the weekly top Bollinger on the SPX is also at 1448.  The overnight /ES futures are off 4.50 as I post this, so we would need to see something overnight from the Europe open or maybe even from ICSC Store Sales in the morning.

2 comments:

Pieter vL said...

We may have a c wave down remaining taking us into Wed. Which would be a low.
My charts are not expecting much this week, surprisingly. Certainly, not a big turn.
Next week appears more likely.
No doubt, FOMC Court Apple Dutch elections all have the potential to shake things up. Is it really possible that they don't?

Rajeev Shah said...

Well new moon is on Sun/Mon.