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| Olympic moss |
Now that we have got that out of the way, let's look at the long-awaited blow-off move that started today. I count this as the start of a 5th wave move, with an ideal target in the 1751 area.
Here's my local count.
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| SPX 09-18 |
SPX 1751 would be an ideal target based on wave equivalence between the huge A and C waves in the entire move up from the March 2009 lows:
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| SPX 09-18 5Y |
A strong thrust into the 1740s tomorrow that gives a viable wave count here and touches the far wall of the channel up from SPX 1627 will have me looking for a top. Selling into opex will be muted, picking up next week depending on the elections in Germany. ETFs like SPY will take an initial hit Friday morning when they go ex-dividend.
Overall count of the proposed ABC 5th wave here. This is part of a very large ending-diagonal from the 1266 lows, where we can count each impulse up as a triplet.
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| SPX 09-18 60D |
Um, the McClellan Oscillator is kinda-sorta overbought tonight. Just a wee bit.
Good luck out there. May we soon witness the Return of the Bear!
p.s. Lunatic_Fringe had highlighted several fib extensions at about the SPX 1744 level. That may be worth watching, too.
2 comments:
OMG, I was remiss in not noticing that today, Sept 19, is a Full Moon.
So watch for moonbeams acting on the market today.
I'm sorta-kinda interested in the 1733 SPX level for a possible reversal, too. It's where W1 ~ W5 on the move up from 1628, and also sets up an 8-handles up reversal candle intraday per 2007.
Yes...moon madness.
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Good moss picture. I am bullish green.
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As for the casino..sp'1750s..look an easy target.
The issue..problem I have is that QE continues..in full.
Howe we going to fall with that continuing?
Right now..I just can't see it.
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