Monday, September 3, 2012

Charts 8/31: rally coming

W4 may be in, or we may have another wiggle left early Tuesday to finish up.  Then we can finish the rally since March 2009 with a move to SPX 1440 into FOMC.

Channel looking good so far


christiangustafson said...

Thinking this morning that we might be in a larger wave 4 that is slowly crossing a larger channel until September FOMC.

The triangle on the chart would then be b of 4, with plenty of time left to waste (option premium to eat, etc). c of 4 would drop us to the low-mid 1390s, and FOMC would spur the final weekly-Bollinger-satisfying rally to a top.

Minor scalps for deft hands, I hate wave 4s and am happy watching from the sidelines for a while.

Rajeev Shah said...

Well gold & silver are flat on the day with credit CDS indices tighter on the day. So bit of anomoly with equities as Apple is up on the day as well.
Next big event is ECB meeting on Thursday, so need some positive talk about what Draghi can do.

Rajeev Shah said...

Stuck in the triangle. 1397/8 would be key not to close below (as that was the turning point for MACD cross on daily) for the upward to continue.