Volume is lightening as well as stochs advancing more into overbought territory even though today was a down day. Still waiting for the bearish rising wedge to break. Meanwhile I am busy charting alternate counts that have only been described in written form.
MACD on the $VIX:$SPX still hasn't crossed...but the bollinger bands are starting to pinch. This suggests there is a move coming, the falling wedge suggests that the move will be up. A move up in this indicator is a move down on $SPX :)
2 comments:
In your Competing EW counts below, I believe there's one more count that could be in play:
Wave 3 ended at the November low and since then we've been in wave 4 that is playing out as an expanded flat: A wave ended at the January high, B wave ended at early March low, and we are now in the C wave which will likely end in the vicinity of the end of wave A (mid-900's), but could go as high as 1050.
Thanks in the mountains, I have a couple of more counts that I will also chart up and I will include that one. More than likely I will produced a revised summary this weekend with targets.
Post a Comment