Monday, August 20, 2012

Charts 8-20: Leg to 1440

The daily and weekly Bollingers are heading up, and if we're going to touch the top weekly, we will follow it up.  We've been tracking on an orange trendline I drew earlier, and if we lose it, we still have the pink trendline that forms the lower edge of the wedge.

From there we still have a shot at 1440.  The top pink TL of the wedge is right at 1440 at close Friday.

I think I'll short the SPY and go camping with my girls in Olympic National Park.

Finish up the E-D-T

ABC wave 5 - also points 10-23 of 3PDH

Big picture shows the blue channel


christiangustafson said...

There we go, new highs ... that about it for C of 3? (E-D-T legs count as triplets)

Like to see a pullback to the lower pink wedge boundary, today and tomorrow, in 3 waves with a 5-wave "C".

Rajeev Shah said...

Capitulation day with newer highs. Essentially QE3 priced in. market is squeezing anyone who is long volatility and short credit/equities

Need a catalyst for the turning point, or does it continue to grind up all the way till Jackson hole next Friday (long time from now). In mean time, EU head lines to deal with this week.

Apple negative on the day. Have to monitor Apple for top indicator.

Rajeev Shah said...

Is there a way to post charts in the comments section?