Apple's announcement of the iPhone 5 on September 12 only adds to the Superbowl atmosphere building around the FOMC and German court decisions. It could be a top or a bottom, and I'm starting to favor the alt scenario I have here, where FOMC finds us bottoming in the 1388 area. That is why Daneric's count is useful here, because it saves us from the dreaded wave 1 / wave 4 overlap violation.
|Two paths to a top|
1388 would also probably mark point 22 on the Three Peaks and a Domed House pattern, too. The push to a top at 1440+ would give us point 23 and a new season for shorts.
The weekly Bollinger is rising on the SPX. We will have to chase it, and soon.
|SPX since 2000, Weekly Bollingers|
|SPX since 2000, Monthly Bollingers|