Latest S & P 500 Count

[spike1]

(10-14-2010 01:06 PM)finster869 Wrote:  YES, I see that (and the non-retrending b), leading to a conclusion that the top is in. While I think a top may be in, I'll feel better when we drop below 1155.71. Also, having been through this during the never ending wave spanning February to April, don't get too aggressive or confident that we have topped. My recollection is that we had several false confirmations of a top and kept changing our counts.

Hi Finster. Yes I will certainly keep that in mind.

[Steely Dan]

(10-14-2010 01:06 PM)finster869 Wrote:  YES, I see that (and the non-retrending b), leading to a conclusion that the top is in. While I think a top may be in, I'll feel better when we drop below 1155.71. Also, having been through this during the never ending wave spanning February to April, don't get too aggressive or confident that we have topped. My recollection is that we had several false confirmations of a top and kept changing our counts.

FWIW I don't believe the top is in yet. Nas actually made a new high late yesterday. 1155.71 and I'll revise that, indeed the way I'm counting it wouldn't survive any price below yesterday's low.

[finster869]

(10-14-2010 08:52 PM)Steely Dan Wrote:  FWIW I don't believe the top is in yet. Nas actually made a new high late yesterday. 1155.71 and I'll revise that, indeed the way I'm counting it wouldn't survive any price below yesterday's low.

Yeah, I'm skeptical too. If it did top, here is how I would count today's action.

   

[Steely Dan]

Thanks for that Finster, Well constructed I would say and a trip below yesterday's low would support it mightily. Needless to say if we have not yet topped a new high would cement 1166.4 as the new level to watch.

[Steely Dan]

I hesitate to even mention this as the Dow has joined the Nas in making a new high, but following on from the topped scenario here is a way to count from yesterday's low which could give a low risk/high reward short if you believe it.

[spike1]

Hi Guys

I've got the same as Finster, then it appears as if it made an A then a B and then I guess whats unfolding now is a C, then off for the 3rd wave. Not too sure though that Im reading this correct. Are any of you guys on this track or no

Well take care and enjoy your weekend guys.

   

[spike1]

Hi Guys

Or this ??

   

[Steely Dan]

(10-15-2010 02:30 PM)spike1 Wrote:  Hi Guys

I've got the same as Finster, then it appears as if it made an A then a B and then I guess whats unfolding now is a C, then off for the 3rd wave. Not too sure though that Im reading this correct. Are any of you guys on this track or no

Well take care and enjoy your weekend guys.

What do we know chaps? S&P Did not make a new high and also failed to make a new low by 0.5 pts! The squiggle chart I drew last was wrong, but if you adjust it to make the top tick of the day 'A of 2' then this means the same set-up I described applies as C of 2 would have to finish in a 2 pt window between about 1184 and 1186. Charts to come later, but this is getting exciting!

[TS Hennessy]

Here is my latest count:


   

[finster869]

Thanks for throwing that one up, Tom. Will be interesting to see how this plays out.