A very long-running ending-diagonal top. /ES futures getting excited, I have a target for a final high of 2096-2097 SPX late Thursday or early Friday as a reaction off Q4 GDP.
Even when we're having a hard time getting a read on all of this, we still owe it to ourselves to bang out some sort of wave count.
Bollinger Band watchers have to notice that the bands on the SPX daily are tightening VERY fast.
Upper daily SPX BB now at 2080, roughly the December 5 high.
This may lend support to Bicycle's theory that we experience a wave "failure" up here, that we get a final push up that we count as a "5th wave" or whatever, but which fails to make a new high.
The resulting move off that kind of turn should be violent.
Ugly, no other word for it. Running numbers and probably should have reversed but couldn't be at the computer. Let's see how Bicycle's charts play out.
Bollinger Band watchers have to notice that the bands on the SPX daily are tightening VERY fast.
ReplyDeleteUpper daily SPX BB now at 2080, roughly the December 5 high.
This may lend support to Bicycle's theory that we experience a wave "failure" up here, that we get a final push up that we count as a "5th wave" or whatever, but which fails to make a new high.
The resulting move off that kind of turn should be violent.
So perhaps a double top then failure? Must be nimble, must be quick... ;-)
ReplyDeleteYep, Jack got singed... Out with a minor gain.
ReplyDeleteUgly, no other word for it. Running numbers and probably should have reversed but couldn't be at the computer. Let's see how Bicycle's charts play out.