Hmmm… I never thought of that count. I guess it's possible that we still go up into the Legatus Pilgrimage, as that would peak the market during the middle of the meeting (Sept. 9th-20th).
Then we could fall off a cliff into a wave 3 down. That would certain make sense, and fulfill the 111.17 spy FP… plus give us the ABC move up to make wave 2.
However, the TA's are pointing to more downside, so unless it turns back up the daily (and possibly the weekly) charts, I just don't see how it's going to make it up there?
Anyway, thanks for the chart… it's something worth considering.
The VIX has been falling while the market trades sideways. While this sideways trading is forming a bear flag, with the VIX falling I don't know if it will play out or not?
We'll see into the close I'm sure. We may go back and test the double bottom at 1064, or not? However, with 60 minute chart so oversold, we are going to need a couple more days to work that off. We could trade sideways of course, but I expect “C” wave up to finish this wave 2 before any really heavy selling starts.
I would say that we probably just had wave A up to 1081, and now wave B down to the current low. I expect wave C up tomorrow and possibly early Wednesday too.
This is all inside of a wave 2 up, which once complete should give us wave 3 down on Thursday and Friday.
Man, that 60 minute chart rolled over quickly today. It looks ugly right now, but I still think the market will climb back up into Wednesday, before it finally rolls over into a wave 3 down.
I wish I could answer that question, but I can't. I only know that those dates are “turn dates”, and not which direction they will turn. However, from looking at all the larger time frame charts (daily, weekly, and monthly), I give it low odds of a rally occurring.
I don't know what the high will be at, but I believe it will occur on Wednesday… probably in the morning session. As San has posted, we are in a falling wedge now and should breakout to the upside soon.
That breakout would be out wave 2 up, but how high is anyone's guess. I'll just be looking on Wednesday for the 60, 30, and 15 minute charts to peak and look ready to roll over. I think that would be the best shorting opportunity.
red, how much importance u will give to the turnaround dates i.e. 26&27 aug. if we might in wave 2 up they can take it higher from our expectations…………….. & wat about fp 111.17 spy is there any other clue that we find when it will going to achive that target……….
another dip from here which should take the index to the support line of the pattern and a reversal from there which should break the resistance line. A daily close above that will target the recent high of 1129. above scenario will play out if the pattern works perfectly. If it breaks the bottom line, It will keep on falling as you said.
What's the target if we out of the wedge on the upside, and the downside San? It should break to the upside of course but falling wedges can just keep on falling sometimes.
Hmmm… I never thought of that count. I guess it's possible that we still go up into the Legatus Pilgrimage, as that would peak the market during the middle of the meeting (Sept. 9th-20th).
Then we could fall off a cliff into a wave 3 down. That would certain make sense, and fulfill the 111.17 spy FP… plus give us the ABC move up to make wave 2.
However, the TA's are pointing to more downside, so unless it turns back up the daily (and possibly the weekly) charts, I just don't see how it's going to make it up there?
Anyway, thanks for the chart… it's something worth considering.
Possible EW Count: http://screencast.com/t/NWViZjhjYT
The VIX has been falling while the market trades sideways. While this sideways trading is forming a bear flag, with the VIX falling I don't know if it will play out or not?
We'll see into the close I'm sure. We may go back and test the double bottom at 1064, or not? However, with 60 minute chart so oversold, we are going to need a couple more days to work that off. We could trade sideways of course, but I expect “C” wave up to finish this wave 2 before any really heavy selling starts.
I would say that we probably just had wave A up to 1081, and now wave B down to the current low. I expect wave C up tomorrow and possibly early Wednesday too.
This is all inside of a wave 2 up, which once complete should give us wave 3 down on Thursday and Friday.
No direction for a Monday. looks like we wait until 3pm hour.
Man, that 60 minute chart rolled over quickly today. It looks ugly right now, but I still think the market will climb back up into Wednesday, before it finally rolls over into a wave 3 down.
I wish I could answer that question, but I can't. I only know that those dates are “turn dates”, and not which direction they will turn. However, from looking at all the larger time frame charts (daily, weekly, and monthly), I give it low odds of a rally occurring.
I don't know what the high will be at, but I believe it will occur on Wednesday… probably in the morning session. As San has posted, we are in a falling wedge now and should breakout to the upside soon.
That breakout would be out wave 2 up, but how high is anyone's guess. I'll just be looking on Wednesday for the 60, 30, and 15 minute charts to peak and look ready to roll over. I think that would be the best shorting opportunity.
red, how much importance u will give to the turnaround dates i.e. 26&27 aug. if we might in wave 2 up they can take it higher from our expectations……………..
& wat about fp 111.17 spy is there any other clue that we find when it will going to achive that target……….
another dip from here which should take the index to the support line of the pattern and a reversal from there which should break the resistance line. A daily close above that will target the recent high of 1129.
above scenario will play out if the pattern works perfectly. If it breaks the bottom line, It will keep on falling as you said.
What's the target if we out of the wedge on the upside, and the downside San? It should break to the upside of course but falling wedges can just keep on falling sometimes.