Here's how the triangle here would work:
 |
| SPX 11-08 with 4th wave tri |
An impulse follows the completion of a symmetrical triangle; I'll propose that it will target 1798, where we will rollover again:
 |
| SPX 11-08 6M |
You could count these final waves as an ABC from 1560, or as an ending-diagonal that started at 1627, either way -- they both point to 1798.
Which sets up the larger catastrophe, the 2008 tape x about 1.35:
 |
| SPX 11-08 5Y |
Which looks like this on the really long timeline:
 |
| SPX ALL |
So the first order of business is to finish the rest of this proposed triangle this week.
4 comments:
Of course, you could probably also count Thursday's low as the end of green 4, with Friday's bounce being i of the final green 5. It will need to kill some time if the target is 1798 next Wednesday -- only 28 handles away.
I know a few are looking at 1780/90 within the near term..as a top.
-
None of that makes any sense though. Why would it stop?
It remains bizarre that we faced a zombie apocalypse..and the market only dropped to sp'1646.
How can people be more bearish now, than last month?
-
Only another 4-6 months to wait.
Seems it's going to be 1780/1790. We are probably here at the top this week around 1785 in a blow-off - blow-up top. Still looks like a an expanding megaphone topping pattern over the last month on the 60 minute chart. I can see much going wrong in Yellen's testimony, the next govt. stand-off, & these extreme bubble stock prices. There can't be many bears left to cushion the impending collapse? ooo
Well, it hit your 1798 (Nice call & charting), a bit early though. Not sure what to make of it?
Post a Comment