Thursday, August 19, 2010

8/19 1:20

pima
In the chart you linked to the purported 5th wave up yesterday would have had to have been a failure, same with the DJI and XMI.  I looked for 5th wave up yesterday but the only way the waves made sense was as a 3 wave. 

4 comments:

  1. Steve,

    What is I1 indicating for a downside target at/near Sept. 2, 2010?

    ReplyDelete
  2. The 5th wave was not a failure according to that chart. The 3rd wave was followed by an expanded flat where the B wave of the flat went beyond the end of the 3rd wave.

    5th wave ends beyond the end of the 3rd, but not by much.

    That count does not violate any rules as far as I can tell. However, the 4th wave is large by time and price compared to the other waves which results in not quite the right "look". Moreover, we have not see much of a retracement since the end of the "5th" wave on that chart. If we had indeed completed 5 waves down at this morning's low, I would expect a more rapid and deeper retracement to have already developed than what has taken place so far. So I would give much higher odds to your count being the correct one, Steve.

    ReplyDelete
  3. SPX peaked wave 3 at 1100.19. The purported 5 peaked at 1099.33. This is the official SP500 index.

    ReplyDelete
  4. I'm not putting a downside on this move or on any move until November 15.

    ReplyDelete