Welcome Back Ruby
Hi Tom! I have a question to the expert: What on earth is that move down from the april top? It looks so much like another ABC, doesn't it? Under the old rules, it could pass as a leading diagonal, but now I'm lost. Did SPX just start 5 of C down, while INDU already finished 5 of C and is now in some sort of second wave down? That would mean new highs to come - sob. What do you think?
I expect new highs, yes.
Oh, thank you, that makes me feel a little less lonely. Even with the old rules, there's a good chance that the "triple zigzag" still needs to do Z, possibly taking us above 12.000 in the Dow. The new rule has us in 2 of 5 of C now, with 3 possibly already started?
(06-28-2010 10:45 AM)ruby Wrote: [ -> ]Hey finster, I'm back :-) My goodness, you were productive while I was offline! My count is different from yours: I don't think minor 2 has topped. And according to your count, it cannot have topped either, since it was a five wave move. So it must either be A or - even worse - an impulse.
Or am I misinterpreting your count?
... Sorry, I did misinterpret it, never mind :-) But what about the Dow?
Hi Ruby. Welcome back! How did the move go? Are you all settled in yet? Anyway, I don't have a count for the Dow....I just chart s&p.
(06-28-2010 07:55 PM)ruby Wrote: [ -> ]Oh, thank you, that makes me feel a little less lonely. Even with the old rules, there's a good chance that the "triple zigzag" still needs to do Z, possibly taking us above 12.000 in the Dow. The new rule has us in 2 of 5 of C now, with 3 possibly already started?
Ruby or Tom- Can you post your chart so we can see your bullish alternative?
I leave the posting of charts to Tom - he's much better at it. Hm... I just feel that counting the downmove from April as an impulse is a bit dodgy (looked that word up in the dictionary - never heard it). Let alone counting that most recent stairstepping down as part of a 3rd wave. I even have difficulty viewing the glitch and what came in its wake as C of an rtb4. Well, if it was all clear, everyone would be short at the top and long at the bottom. Let's see what happens next.
I have not moved yet - I'm online via my neighbor's wireless connection. When I open my window, I get a signal :-)
Exciting day....tough count. Perry and V- Post your updated charts and lets compare.
Ruby and Tom-
To play devil's advocate, is this a decent representation of your more bullish count:
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attachment=148]
P.S. I had to save it as a microsoft word doc instead of a picture in order to avoid losing my actual count.
Yes, Finster, that's one of the counts that keep me from just going 500% short, turning off the computer and going on vacation for the rest of the year (even though that is pretty much what I did today - after working all night, I fell asleep, and when I woke up, the market was closed and I still had all my shorts). Of course, the new rule puts an end to any bearish complacency anyways, since it turns "P2" into a C, which implies that the move since March 09 can somehow be counted as an impulse. That opens the gates to just viewing it as the potential start of a new bull market, something you would hardly accept as a traditional waver, because it just doesn't have the right look.