Thursday, June 12, 2014

Charts 06-12 a.m.: Is 3PDH point #23 in?

The question before us is whether we have put in point #23 in the Domed Top, of BOTH of the 3PDH counts currently in play, the long-term one, and the shorter one since last Fall.

If you take a look at the long-term count, notice that thin blue line I had connecting waves 1 and 3 on an Elliott count -- points #11 and #21 on the 3PDH? 

SPX 4Y 3PDH

See that line?  We threw a pin at it with Monday's high of 1955 SPX.  We zoom-in for a peek.

SPX daily 3PDH close-up

I still want to see us find support in the 1915-1920 area before starting a larger leg down with next week's FOMC news release.

5 comments:

kkandru said...

It's 21 I think.

Christian Gustafson said...

It could still be 21, yes. Point #23 for both counts could end up being the big turn window on 7/16. Next few days into FOMC are critical for these pattern counts.

Bicycle said...

So in addition to the Dow being at the top of the megaphone, WTI is now sitting at the top of Steve's triangle of doom.

Do they settle Iraq down between this weekend and Independence Day? A nice airstrike for the holidays? Or do the Sunnis show up with some Russian anti-aircraft weapons, and...

Bicycle said...

Go long China?

http://mobile.reuters.com/article/idUSKBN0EO16F20140613?irpc=932

Bicycle said...

Full moon tonight.