Tuesday, January 22, 2013

Charts 01-22: Not over yet

Very neat that we hit Tom DeMark's call for a top at 1492 today, but I don't think it's over yet.  Looking for a pullback to mid-channel over the next couple of weeks.  It may start with a sharp drop on AAPL earnings, but then it will behave like a good wave 4 and dick around for a while and eat some time off the clock.

The problem with 1492 being the top here is that it doesn't touch a trendline in the larger wedge, and the monthly charts do not look ready to roll over.  It needs more time.  If this is a C wave, it needs a 4th and a 5th to complete it.

I know everyone is projecting the SPX going off into the stratosphere, but I'll take SPX 1510, right on the March 1st turn date. 

I think even the SuckerForum crowd has to hand it to Karl Denninger for his success lately with RIMM.  What a doomed, useless company, but he somehow managed to polish this stale turd into a fine agate.  We wish him well.

SPX 01-22 60D
SPX 4Y with the retrace count
SPX 10Y monthly with Bollingers

1 comment:

Christian Gustafson said...

Excellent. Good to hear.

You got a name there, sport? Or are you the Goldman Sachs vampire GUID?