Monday, October 14, 2013

Charts 10-14

The move up from the 1646 low sure looks like a completed five-wave impulse (not a triplet) in a tidy channel, right into an area of resistance.

Now we just need a whiff of panic for a wave 2.  Or will all dips be bought?

SPX 10-14

3 comments:

Depriv said...

I would not hold my breath for the usual deep retrace of wave "2" in this case (assumed that the impulse upward will work at the end).

Everything is really fragile, any doubth would break the magic.

Maybe an R-flat?

Christian Gustafson said...

SPX 1673 is still possible IF we can manage to put in a small head & shoulders with 1692 as the neckline.

News-driven tape? TA says it shouldn't matter, right, it's all priced-in etc etc.

Bicycle said...

If the QE is really going to be slowed on the 31st

Ried/Boehner/Obama would already know this information

One wonders if they are conspiring to make the Tea Party take the fall for it

Dems get the ceiling extension and O-care

Establishment R's get rid of the Tea Party and probably some promises of no-competes from Dems in some Senate and House races for next term

Should be a ~2 week ceiling extension soon if true.