Tuesday, April 30, 2013

Charts 04-30: extended 5th E-D

Here's a count that explains how we can stay up here in the aether until the May New Moon next Friday.  The opening waves of the larger 5th looked normal enough, they fit a nice channel, and put in an apparent top ... but ... we're not declining.  So I'm looking for one of those extra-innings extended 5th waves, where we try the patience of any final remaining bearish holdouts.  Actually, a crawl like this will probably piss everyone off, bull and bear alike.

Tomorrow has the ISM number at 10:00 EDT during RTH.  That is where we finish (i) of v of 5 and pull back to the bottom of the E-D wedge.  But it should hold up there.

SPX 04-30

The Value Village thrift store around the corner from me had a shrink-wrapped copy of one of my favorite movies, "What's Eating Gilbert Grape", for a mere 99 cents.  This is a charming film about a good-hearted young man stuck in the rural doldrums out in darkest Iowa, a film about duty and family and young love, well-written and well-acted.

At the end of the film, the protagonist and his girlfriend take cyanide capsules, shoot themselves with a PPK, and have the Waffen-SS guards burn their corpses with gasoline in a shallow ditch outside their bunker.

Oh wait, sorry, that was "Downfall".  They also had that at Value Village.  Good movie.


treider_ said...


no changes on the predictions? spx lower than 1584 and tech indicators going down.

Christian Gustafson said...

Not unless we break 1577.

IMO today looks like (ii) of v of 5, giving us plenty of room to maneuver up-and-sideways in an ending-diagonal.

What was important about FOMC today is that we didn't do anything at all crazy. No huge spikes either way, we stayed within a sensible range.

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Christian Gustafson said...

Now this last comment fascinates me, I'm leaving it here.

Was it posted by a bot? Have the spam comment engines figured out the Blogger captcha?

Was it posted by hand by a nameless coolie in a 3rd world internet sweatshop, like in the Philippines?

Was is posted by a regular reader of this blog, who sincerely wants to promote his construction business in the Australia?

BTW, today looks great, we're in (iii) of v of 5 on my count, sideways and up for another week.