Wave 2 sure looks complete today, both in its form and magnitude. I also count a clean 5 waves down from the top, one of those mincing, delicate waves that looks like it's stalling, waiting for a headline to save the day.
At some point we will likely get that headline, for a "compromise" or continuing resolution or a Gramm-Rudman XXIII scam to run on us, and we'll get our bounce. For now, I want to see 2 weeks of serious selling, selling that builds to a white-hot panic. We've got a lot of air under us.
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| Micro-count of today |
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| Ending-diagonal triangle C of 2 |
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| If we can hit my targets by 12/14 |
5 comments:
Been reading pretzel? He's still bullish.
So is McHugh. He's still looking for a top with new highs EOY.
And that really is the alt ... that this market just. does. not. care. about the realities of the fiscal cliff or anything else.
Until it does.
So we could find support here, sure. Even a perennial bear like me keeps a stop on his UVXY.
If we find support and rally from here, I may just sit tight and wait for McHugh's next phi mate turn date.
Add one more possibility -- that we have indeed rolled over into a wave 3 down, but that it will take the rest of December to complete. i.e. no hellish August 2011-like drop into December 14th.
Rough targets for the subwaves of W3 would be as follows:
1343 i
1383 ii (.5 retrace)
1254 iii (1.618 x i)
1291 iv (.29 retrace)
1211 v (i ~ v)
I'll play with this tonight.
On my chart, that 1343 could be the close this Friday.
Excited about posting SPX charts tonight!
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