The tape was very interesting early this week. I had drawn this little trendline up to SPX 1740, and we were tracking it like a magnet, drawn to it, oscillating around it. This chart shows how we fell away from it once the Syria story broke.
So are we providing an Air Force for al-queda or AIPAC? There is still time to stop reading the programming from the TelePrompTer and reconsider. Empty suit ...
Should "Syria" get put on hold, a sharp rally will ensue. It would set up the elusive inverse head-and-shoulders here for a nicely-balanced ZIG-ZAG 5th wave:
|SPX 08-28 zig-zag 5th wave|
A zig-zag 5th wave? How can that be? Maybe if it's part of a much larger ending-diagonal, since SPX 1266, like this:
|SPX 08-28 2Y - ending diagonal count|
The SPX 1768 area, by Friday, September 20, before the German elections, completes the rally and we fall apart. The serious stuff begins in May of 2015.
|SPX 08-28 5Y|