Monday, March 4, 2013

Intraday 03-04: Back from Powell's

We took the girls by train to Portland over the weekend, visited the zoo, and had a good time in a fine city.  I bought about 10 books at Powell's, including a second copy -- I know, I know -- of the 1944 first edition of Hayek's Road to Serfdom.  I'll post some scandalous book pics tonight.

We're at McHugh's "major" phi mate turn +1 today, and here is a possible count for the failed 5th here.  The bear-bull battle is important, and will likely resolve on some sort of intraday rejection and reversal, so as not to leave any pesky gaps in the chart way way up here in the ether.

SPX 03-04 intraday

1 comment:

Alex Red said...

You were expecting some long-term top around here, but I was reading Robert McHugh at Safe Haven.

And he says this decline is just 'b' down, there will be another rally later 'c' up which will go even higher than now. (1700-ish he says).

Just wondering if you agree or disagree with McHugh. Since it seems like you think this is the final top.