Tuesday, January 27, 2015

Charts 01-27: Triplets, not a triangle

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.

Good luck to all ...

SPX 01-27

3 comments:

christiangustafson said...

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.

Phat Repat said...

So perhaps a double top then failure? Must be nimble, must be quick... ;-)

Phat Repat said...

Yep, Jack got singed... Out with a minor gain.

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.