Monday, February 24, 2014

Charts 02-24: Getting close now

Away for a few days with the family visiting the San Francisco.

For some reason, the Oakland P.D. had this little number parked next to the beach on Ghirardelli Square.  I would think it would be badly needed back in Oakland.

Oakland PD on the move

We just hung out around town, introducing our girls to a great city.   Here's Chinatown.

Chinatown gate
And here's the hole at Alcatraz.  Finally did the tour.  It was that kind of trip, with sunny California weather.

The hole at Alcatraz

It looks like the tape since 2/13 may be forming the legs of an ending-diagonal 5th wave, which could wrap up as early as Wednesday.  Either way we are getting close to some important events with GDP on Friday and a New Moon over the weekend.

Short-term wave count:

SPX 02-24

And the larger projection of Jaws of Death from a top at SPX 1866.  The 560 target on the 2002-2009 lows trendline would arrive in late July, 2015.

SPX 02-24 JOD


V4Vigilante said...

Denninger Folds!

Christian Gustafson said...

Was it the epic move up on NFLX yesterday, after an event that he predicted correctly -- bandwidth providers pushing back -- that did him in?

We can't mourn Karl now, since everyone already did back in December, the last time he promised to quit.

Yes, this is about the most bearish signal ever.

When the SPX crosses 1500 (June?), he'll be back.

Bryan Franco said...

Ideally, still need an all-time CLOSING high. Yesterday was oh-so-close, but they smashed it down into the close, as all will know.

Christian Gustafson said...

Yes, Bryan, maybe we get that new closing high today, allowing for a reversal candle off the completion of this ending-diagonal wedge tomorrow.

In the October 2007 market top, we came within about 4 pts of the weekly upper Bollinger band. 1866 would fit that here, an amazing 1200 handles from the 2009 lows.

Anonymous said...

Denninger Folds!


He's Back.