Saturday, April 11, 2009

SPX 6 month channel


Everything here points to a turn south. I'll add more posts to try and verify this later. There is a possible inverted H&S on SPX 30m but the indicators say it won't play out. I like this channel a lot.

3 comments:

  1. fantastic chart..... but I've been looking at the 10yr and the shorts may be in worse trouble than we want to admit, especially with the fake "fix" in financials..... I hope they sell the goldman news, but I'm staying in cash and daytrading till the gap up business and banks have reported.... too much pain....

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  2. This is one EWT guy you want to subscribe to, that is if you can stomach the idea that we are in 4 of P1.

    His view is very good and he covers a composite of indexes which is smarter than getting fixated on one like some people (kidding!)

    http://www.youtube.com/user/elliottwavepractitio

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  3. speaking of EWT ...
    if we are still in P1 and this is wave 4 of 5 of P1, could it be that the market is forming a running flat?

    Wave 4 of 5 of P1 running flat:
    A (741 - 944): 203
    B (944 - 667): 277, B almost 1.382*A
    C (667 - 870): 203, C=A

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