Thursday, June 12, 2014

Charts 06-12 a.m.: Is 3PDH point #23 in?

The question before us is whether we have put in point #23 in the Domed Top, of BOTH of the 3PDH counts currently in play, the long-term one, and the shorter one since last Fall.

If you take a look at the long-term count, notice that thin blue line I had connecting waves 1 and 3 on an Elliott count -- points #11 and #21 on the 3PDH? 

SPX 4Y 3PDH

See that line?  We threw a pin at it with Monday's high of 1955 SPX.  We zoom-in for a peek.

SPX daily 3PDH close-up

I still want to see us find support in the 1915-1920 area before starting a larger leg down with next week's FOMC news release.

2 comments:

kkandru said...

It's 21 I think.

christiangustafson said...

It could still be 21, yes. Point #23 for both counts could end up being the big turn window on 7/16. Next few days into FOMC are critical for these pattern counts.