Thursday, March 12, 2009

We are not done with primary 1...

Little extra tonight...I just got finished making my rounds of Kenny, Daneric, Traders-talk, Atilla and Evil Spec's sites. Kenny appears to believe that Primary wave 1 is already over. Looking at the above chart I really can't see how. I spent some time looking at previous counts and still believe that this is correct. Only one way to tell...sit and wait it out...if we rise above 80.18...then the count is wrong and we are likely in Primary wave 2 up. I will trim back a bit if we break out of the channel in green above. But I will be watching that red dotted line. It is about the top of wave 4 for the previous wave 3...its generally where the current wave 4 will retrace too.

I have already forecasted that this C wave up will be SHARP and violent and indeed it has hit its target. So sharp and violent, it has caused many to flip from bear to bull. Until I see different we are still in a bear market as depicted by the down channel.

The sharpest and fiercest rallies have come during bear markets, this rally is no exception. I suspect it will draw more people in and when it starts to fall...its going to be brutal.


Shanky said...

I'm looking at SPX 774 to 807, so we're on the same page. Good post.

Johnny said...