Monday, September 17, 2012

Charts 9-17: Last bastion of the S-T bear count

I'm seeing a lot of alt and revised counts on the E-W boards, double and triple zig-zags, targets of 1500 to 1600, and they may be right.  Even McHugh is revising his Grand Supercycle count (!), although you will need to subscribe to find out the details, as well as a couple of his phi mate turn dates he has coming up.  We love the good Dr. McHugh here in Deflation Land.

Until it's decisively wrecked (tomorrow), I'm sticking with the bearish count based on a micro-count of the last couple of days.  At this point it depends on us rejecting hard off the 50% retrace at 1465 tomorrow.  If we can manage that, the indexes can shed a lot of points in a hurry.

What I'm counting as a W1 has moved sideways quite a bit, setting up a potentially very steep downward channel.  Wave 1 may have already eaten up the time of wave 2!  For now, at least it's a legal micro-count.

SPX (still-)Bearish count
Zoomed out

A quick summary of the Bollinger Bands we've been watching:

SPX daily
SPX weekly
SPX monthly

And here's a nasty male hobo spider I just caught outside.  Welcome to Seattle.  No, wait, it may be a giant house spider, Tegenaria duellica.  

Kill it with fire!

1 comment:

christiangustafson said...

The bump down this morning could have been v of the first w1 down. Fits pretty well.

HWB is about 1465. That will be the big test, IMO.