Saturday, October 13, 2012

Charts 10-12: Last leg of a broadening top

Friday should have completed the W4 correction off the post-QE3 rally.

Looking for a gap up Monday, followed by a pullback Tuesday, and a strong rally into October opex.  Then we can top at the midpoint of the larger (dark blue) channel in the week following opex.  The larger structure here is a broadening top.

Picked up a couple swell books yesterday at Seattle's finest storefront bookshop, Wessel & Lieberman:

1. a 1932 1st English edition of Oswald Spengler's Man and Technics: A Contribution to a Philosophy of Life.  After only a few pages, I am already seeing that this may be very relevant to our time.  I may blog on this in the near future.

2. A Journal of the Terror, an account of the last days of Louis XVI, by Jean-Baptiste ClĂ©ry, his valet.  This is a very clean Folio Society edition from London, 1955.  Good fun!

SPX 10-12

1 comment:

sooner said...

Great call so far!! Your approaching the zone!