Wednesday, August 18, 2010

8/18 1:25

My target is SP futures 90-minute M/A

5 comments:

  1. Interesting new count, Steve. 1106.50 SPX would be 62 percent retrace of move down from 1127 high. It's unusual for a 4th wave to retrace that deep, but it does not violate any EW rules and will not overlap wave 1, so you could be right on with this.

    We are now at 62 percent time on this retracement as well, so this would be a likely turnaround time.

    You're still holding 3/4's of your position, right? Good luck, I hope we get the turnaround here.

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  2. Still holding. Look at the SP futures chart. It supports an expanded flat upward correction better than the cash.

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  3. thanks, Steve. Yes, you're right about the futures, the count looks pretty good there.

    Are you still seeing this as a 4th wave? If so, then we have one more push down to a new low, then a longer/larger retracement likely back to these prices again, right?

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  4. Comparing today with yesterday, we have a double top in SSO and a double bottom in SDS (so far).

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  5. pima
    Just posted the chart showing this view. Minuette1 is complete.

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