Monday, October 1, 2012

Charts 10-01

Well that was a dopey thing I did on Friday with the "Bearish Option".  I should have stuck with my original count, and kept in mind that we were finishing up a wave 4 candidate move right into a full moon.  Dumb dumb dumb ... plus I dumped some perfectly good SPY calls.

Back on track, the channels are starting to make sense again here, so I can see us rallying to a 1480 finish EOD Monday.

October 1
Hmm, actually I think the blue line we "reject" off in the 20-day chart here may actually be an odd artifact in OX charts.  That happens sometimes when you view charts at different zoom levels.  It's still an important 50% retrace level from an 80pt drop from the presumed top.

It doesn't show up in the 60-day chart.

Yeah, zooming out a bit further, I don't know what that line is supposed to be on the 20-day chart.  A ghost trendline for October, I guess.

This sets us up for a summer 2013 rally and a hellish crash in the fall.

1 year

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