Friday, March 8, 2013

Intraday 03-08: 1551 hit!

It looks like we have two competing channels here on this final (?) move up to a (the?) top.  I've drawn them on the chart in blue and pink lines, drawn from w0-w2 and w1-w3, respectively.

The move this morning hit 1551 and threw a pin up into an old orange trendline for the larger channel.  1532 is the .382 retrace of the 50-pt wave 3 move.  If we can make that, then a 19-pt wave 5 will take us back to 1551 for a potential double-top.  It also gives a ratio of 2.618 : 1 between W3 and the proposed final W5 move.

SPX 03-08

Taking my girls to this lecture at UW tonight, after a round of Friday pho.

Patience, patience ... the month of March is all about reversals.

Hey!  I'm not a McHugh salesman or anything, but he does have a pretty good deal on his newsletter, running for a few more days: 9 months for $99, about thirty-six cents a day. 


Christian Gustafson said...

And it's gone!

The Big Bearish Wedge count blew up today -- sans POMO assist! -- because 1266 -> 1474 is now the shortest wave.

Sandor said...

They're going to run the SP up to fresh all-time highs. So what if we get to the 1566-1600 range? Doesn't mean the market can't fall on its face later this year...

Mainstream sentiment has capitulated. US equities can't go down in the age of POMO. Fear has been overtaken by greed. This is a necessary, but not sufficient, condition for any crash.

bmihogh said...

Some irregular spikes are expected and acceptable (if they actually does not _close_ irregularly) in this phase.