Monday, July 8, 2013

Charts 07-08: It would appear W4 is complete

It certainly appears that that 4th wave we were counting ended on a sharp C of 4 at SPX 1560, which is very close to an exact .382 retrace of the long wave 3 that ran from 1343 to 1687.  There was also a "major" Bradley turn on June 22, if you believe in that hocus-pocus.

This morning we exited the W4 channel, and held it into the close.  Tonight we will add to these gains, and we could see 1687 again as early as this Friday.  Looking for us to finish this up with a final touch of the intersection of two major trendlines and channels, toward the very end of the month.

So ... July 25 or 26, SPX 1740 or thereabouts.  We've already chewed up 80 handles on the SnP, so another 100 from here on this timeline should not be a problem.

After having a nice little run, UVXY is making new all-time lows again in the AH tonight.  If we make 1740 by EOM July, expect to see it halved at least.  Nasty!

Updated the near-term count, as well as longer-term ├╝ber-bearish projections.

SPX 07-08


Bicycle said...

getting serious in the Illinois, Governor just suspended all pay for legislators until they pass a pension bill:

Tribune Story

Christian Gustafson said...

Poor Illinois, what a hot mess.

Both the Treasurer and the Comptroller are Republicans -- the rest of the state officers, and the Legislature, is heavily Democrat, IIRC.

Judy Baar Topinka, the Illinois state Comptroller, is an old family friend who worked with my late grandmother in GOP politics back in her formative years in Riverside and Berwyn.

I'd love to sit down and chat with her off-the-record.