Friday, November 30, 2012

Charts 11-30 a.m.: Wave 2 almost in?

Bumping up against overhead resistance, here's a proposed count for the bounce.

Wave 2 with an EDT C wave
The alt is that They just gap us 10 or 15 or 60 points up and over resistance in the overnight /ES next week, fulfilling everyone's SPX 1500+ Jaws of Death etc models.

I'll post a study of the 2008 cycle over the weekend.  The initial retraces in the "A" wave off the top were deep -- exceeding .618, IIRC. 

By the way, I just noticed that in my larger chart, I have us bouncing up in a wave 4 back to 1260 into the end of 2012.  This would mean that both 2011 and 2012 would be nearly perfect dojis.

1 comment:

Permabear Doomster said...

Very good.

I could see that outcome happening.

OF course, any move <1385, and we'll just fall like a rock.

Good wishes for next week !