Sunday, June 15, 2014

Charts 06-15: FOMC week

It seems like I'm the only one out here in the wilderness counting a nice 5-wave impulse off the 1955 highs -- everyone else is calling a correction.  The move still needs a 5th, and an ideal target for that would be SPX 1916 late in tomorrow's session.

This would mean that Friday's pop was a wave 4 -- which in my mind needed to be sharp and deep in order to give us an unbroken 2-4 trendline in the series.  That's a very important rule for me for determining the proper bounds of a wave 3 and the rest of the mess.

SPX 06-13

I'm providing an alt on the larger chart for the case that the July 16th Bradley turn window is a TOP instead of a BOTTOM.  Remember, in the 2008 season, both 7/16 and 11/20 were very important bottoms.

SPX 06-13 1Y

You can see pretty easily that the orange line traces an ending-diagonal that began at the SPX 1737 low.  The final thrust north would approach 1990 by the July 16th turn.

More notes on the charts.  Have a good week!  I'm busy planning summer hiking trips out into the shit with my girls.

1 comment:

Bryan Franco said...

CG - your green 1 looks like a three. Did you mean to draw it on the 6/10 or 6/9 low?