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detomps@xxxxxxxxxxxxx wrote:
<<Not taking any thing away from your observations , since if either of these
round over it is usually a sell, but it suggests the internals are stronger
than price. While GE might not move and thus the S&P won't move as much as
these little guys are strong...>>
Don,
If I understand that you were expecting the GE's of the world (these little
guys) to be stronger than the S&P or Dow, it certainly seems that, that was
the case this time. The Dow and S&P followed the lead of GE, that had peaked
on 7/17 (see attached chart).
I've been accused of obsessing over GE, but I really think it almost
represents another Index. I have a strong leaning toward Elliott, and the
Fibonacci relationship between "waves". Anything very widely held, or
followed, that can reflect the mass psychology of the general investing
public, is an excellent Elliott candidate in my view. It also seems, the
greater the participation in any "vehicle", the greater the likelihood of
Fibonacci relationships.
I'm not overly clear on what an "F" date is, but it seems from current
messages were about to be "F'd". With that in mind, and since I recently
uploaded a D Cycle study of the S&P with 8/10 as a possible turning date (yea
it's a weekend), I thought I'd submit a somewhat cluttered Nature's Pulse D
Cycle projection of GE, with 8/8 as a notable standout.
For those not familiar with Nature's Pulse (shame on you), the Fib
projections and retracements of 1.618 and 50%, are from the dotted lines of
the same color, and price congestion (expected resistance) is circled in
black.
The time analysis is a projection using Fibonacci variables of important days
in the recent life of GE. If the projection coincides with an "event"
(turning point), then that day is added to the computation. The hit clusters
are in red at the bottom of the screen, and the hit day used in the formula
shows up as green, and corresponds to the day used on the price bar in
purple.
This analysis suggests we are at, or approaching resistance. A drop below
65, and next stop may be 60. If we manage to bounce at present levels,
perhaps then do a retest of the bounce, and subsequently break the descending
white upper trendline, I'll feel far more secure of market direction.
Peter
Attachment Converted: "c:\eudora\attach\GE.gif"
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