I had been tracking a possible expanded flat as you have behind Door #2. I am leaning heavy toward that outcome because the move from the 1625 low to 1645 (August 28th to August 30th) looks like an ABC move and not a 5-wave impulse. I really like your 2 options by the way. I really felt that the 5-wave impulse from the high stopped right where your red a is placed. Great work. Either way, a correction is coming so we will have to see how it unfolds
In the very long term I think you're correct. What's being mindlessly celebrated is the destruction of the US$, which ultimately can only bring economic disaster. Meanwhile the trend is obviously UP, and don't fight the tape.
I'm maintaining a long term bullish and bearish alternate, the bullish alternate has the ES/SPX in a 3rd wave off the Mar '09 lows, the bearish alternate is looking for a significant top at ES 1745 to be followed by a collapse. You can find those alternates in the chart section of this site ("Click here to view current charts" above)
CYCLE - Green - I, II, III, IV, V - A, B, C, X PRIMARY - Red - I, II, III, IV, V - A, B, C, X MAJOR - Blue - 1, 2, 3, 4, 5 - a, b, c, x INTERMEDIATE - Purple - 1, 2, 3, 4, 5 - a, b, c, x MINOR - Red - 1, 2, 3, 4, 5 - a, b, c, x MINUTE - Green - 1, 2, 3, 4, 5 - a, b, c, x MICRO - Black - 1, 2, 3, 4, 5 - a, b, c, x NANO - Black - (1), (2), (3), (4), (5) - (a), (b), (c), (x)
Manage apple orchard & processing business full time - trade part time
Traded cattle futures professionally for family meat packing company in 1980's
Also traded stock indexes for own account
Won the US Trading Championship - Options Division in 1986 (500%+ return in 4 months)
Hi Al,
ReplyDeleteI had been tracking a possible expanded flat as you have behind Door #2. I am leaning heavy toward that outcome because the move from the 1625 low to 1645 (August 28th to August 30th) looks like an ABC move and not a 5-wave impulse. I really like your 2 options by the way. I really felt that the 5-wave impulse from the high stopped right where your red a is placed. Great work. Either way, a correction is coming so we will have to see how it unfolds
My bearish bias wants it to be Door #2 as well, but looks like Door #1 is what we have..........
ReplyDeleteIn the very long term I think you're correct. What's being mindlessly celebrated is the destruction of the US$, which ultimately can only bring economic disaster. Meanwhile the trend is obviously UP, and don't fight the tape.
ReplyDeleteyou're totally right, but even the intermediate-term count is getting more bearish, or could you count for a bullish sequence from here?
ReplyDeleteI'm maintaining a long term bullish and bearish alternate, the bullish alternate has the ES/SPX in a 3rd wave off the Mar '09 lows, the bearish alternate is looking for a significant top at ES 1745 to be followed by a collapse. You can find those alternates in the chart section of this site ("Click here to view current charts" above)
ReplyDelete