Fourth chart below is of the EURO/US$, which is pertinent given all the European troubles that have been affecting markets.
If the below count on the EURO/US$ is correct, we could see a multi month bull move in that currency pair. That would be bullish for the ES/SPX.
I'm following your labeling of the A-B-C on your S&P chart, but I don't understand why you think the corrective wave continues with an X. Why are you giving credence to the correction continuing rather than the market already being in an impulsive wave down?
ReplyDeleteAre you referring to the long term time frame? i.e. cycle waves? This is my long term view:http://wttchartses.blogspot.com/2011/04/es-hourly-chart-alternate-ew-count.html
ReplyDeleteHow about this : EURO troubles weigh on the market in the near term (next few months), but the prospect of Republican election victories combined with a flight to the (relative) safety of US investment vehicles boosts the markets thereafter, but the whole thing is eventually doomed by the weight of US debt load.
I was referencing your 3rd chart.
ReplyDeleteMy thinking is that the move down into the 900 range would the completion of a primary 1 wave, although maybe that's too simplistic.
Thanks for the response.
And that may be correct. In the end this is all guesswork, hopefully educated guesses, but guesswork nevertheless.
ReplyDelete