Wednesday, May 29, 2013

Charts 05-29

The tape has been suggesting a triangle, and it happened to close right on the .382 of the wave 3 that topped at 1687.

We'll know in the morning if this was a triangle, and if it is complete.  The tell will be that we explode out of it.  How high by Friday?  1710 would be an extreme -- all the way to the channel top.

Edit: Hey, did anyone notice just how oversold the MCO is lately?

SPX 05-29


Permabear Doomster said...

Thats one hell of an outlook.

I do hope its wrong, or I'm in real trouble!

*ps. I never said, but the snow pics/post..superb.

Christian Gustafson said...

Thanks, Doomster! Actually, it looks like my scenario is going to take another week or two to wrap up.

WA is pretty impressive, PD. Once I ran into a couple of Europeans on a high route near Glacier Peak. They had been all over Europe and the Alps, covered a lot of ground, but WA really threw them for a loop. It scared them a little, I think.

If I can ever get 3 or 4 days away, then I'll go on a real adventure, like up Luna Peak, in the heart of the Pickett Range. Now that is a place to disappear.

There's a great old Fred Beckey story where he and his brother were kicking serious ass in the Picketts back in the early 1940s, putting up first-ascents left and right on some wild and remote peaks.

There they are resting in this lonely glacial cirque, miles from any trail, and another party (Anderson, I think) comes out of the bush and runs right into them. It would be like Scott running into some Boy Scouts in Antarctica and asking to borrow a spare blanket.

Pickett Range in the North Cascades

Christian Gustafson said...

By the way, one of the coolest things I saw in London was Scott's journal -- yes, the journal -- at the Archives.