Friday, September 6, 2013

Charts 09-06 a.m.: so are waves 1 and 2 in?

Did anyone notice that we completed a legal 5-wave impulse up this morning, off the 1628.05 lows?  My count has no overlap between (i) and (iv), similar waves (i) and (v), and an unbroken (ii)-(iv) trendline.

The selloff to 1640 took us to a .618 retrace ... which would make wave 3 UP directly ahead of us.

We have 2 weeks now to make it to the upper boundary of the 2009 rally channel at 1768 SPX.  That would be a pretty blistering pace -- can we do it?  Maybe the market will be excited about the Peace in Our Time being achieved inadvertently by our incompetent chief executive?

Can we get a proper blow-off top now, a real doozy here? 

I will be severely off the grid hiking in the Sawtooth Range of darkest Idaho all next week, so no posts here until next weekend.  Heading out to the Boise at 6 a.m. tomorrow, packing a 7-piece Orvis fly rod and a mess of scotch.  These are survival tools.

Good luck to all!

SPX 09-06 - legal 5-wave impulse from 1628.05 low


Bryan Franco said...

The overall shape is very much like what you had drawn earlier this week, but does the market's movement into the close change your count? I'm flummoxed. To me, the shape looks both bullish and bearish, as one could count a nesting of ones-twos, or one could just barely count a five wave advance (as you did), or, one could count this as some sort of wedge as part of the C wave of a flat that just completed. Thanks.

Trading Sunset said...

Have a good adventure.

yours.. bullish Scotch.

Trading Sunset said...

Well, its Sept'12, and sp'1689.

Your scary end-ramp to the mid 1700s is looking on track now.

As day at a time.