Monday, July 11, 2016

Charts 7-11: A new high and a proposed terminal wave structure

Today finally gave us the new highs, on the news that the Japan is saved.  What a fine thing.

we're doomed if we don't pull this off, you know

If we're drawing a terminal move, it could be an ending-diagonal, or an expanding wedge.  Legs of the move can be triplets, and we'd really love it if it showed its internal weakness by overlapping waves 1 and 4 of the series.  So maybe the expanding wedge top like so, with overlap around 2108 SPX:

SPX 07-11

12 comments:

john said...

Yay, give me more time to buy a few items missing from my list, and I don't mean stox.

Christian Gustafson said...

Aye-aye on that.

rose2797 said...

Cg looks like no pull back. Future up 10 already

rose2797 said...

Cg looks like no pull back. Future up 10 already

Christian Gustafson said...

She's a monster, this Japan move. Looks like Depriv is charting the full five wave impulse waay up.

Depriv said...

Higher it goes, lower it falls...

Hugh Jazole said...

Keep an eye on oil. If CG's prediction is to play out, we'll likely see a big blowoff top in oil as well.

Christian Gustafson said...

JPY weekly has a nice cup.

Are we in the handle?

T.Berry said...

impressive follow through to new levels never seen before. hard to say how long this rally lasts or how high it's going. especially with earnings coming in and given the profit growth in '17 is expected to be in the double digits it may be quite sometime before the next pullback which i can't see as being more than a few %'s. lot of air above and nice and steady move higher.

Bryan Franco said...

Total melt up mode.

Christian Gustafson said...

The 1.382 fib extension of the Brexit drop is 2169 SPX, if it matters.

T.Berry said...

2200 by end of earning season? keep raising those targets cg!