|
PureBytes Links
Trading Reference Links
|
Oops ... forgot to mention the bear flag on the daily ... a break below
Friday's low should confirm.
Earl
----- Original Message -----
From: "Earl Adamy" <eadamy@xxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Sunday, September 08, 2002 9:21 AM
Subject: Re: [RT] SPX forecast Update
> This is certainly a very dicey period in which to trade, however here is
> what I see.
>
> Daily: I don't put much credence in the count here, but it's instructive
to
> analyze the information provided. Price failed to reach the important left
> pivot high at 996 during the initial phase of its thrust ... generally a
> sign of weakness. Also of note is the fact that the "W.4" has deeply
> penetrated the W.4 blue/green/red channels ... an indication of probable
> failure for the "W.5". The decline from the high had a choice of two
> possible paths, 4x1 or 2x1, and chose the steeper of the two. Also worthy
of
> note ... if I force AGet to use long term counts, it labels the high at
966
> as "W.4" and shows an extremely low PTI for the projected W.5 decline.
This
> suggests that the 771 (W.3) low will hold for the next several weeks.
>
> Hourly: a decent impulsive count down which broke under the bear channel
> during w.3 and has now completed a nice W.4 rally pattern. AGet projects a
> minimum W.5 at 845+-. Also in play are two other patterns of note. The
> bullish pattern is a possible island reversal which would be confirmed by
a
> move higher. The bearish pattern is the inverse cup and handle which
> projects to 819.
>
> Conclusion: I think there is a pretty high probability that the target
> labeled "842 12Sep" on the daily is in play. I think it likely that the
> rally off the 771 low was W.A, that the current decline is W.B, and that
we
> will see a W.C rally roughly equal in length to W.A which could take price
> to 1040+-. I also think that the bias is heavily weighted to the downside.
>
> Earl
------------------------ Yahoo! Groups Sponsor ---------------------~-->
4 DVDs Free +s&p Join Now
http://us.click.yahoo.com/pt6YBB/NXiEAA/MVfIAA/zMEolB/TM
---------------------------------------------------------------------~->
To unsubscribe from this group, send an email to:
realtraders-unsubscribe@xxxxxxxxxxxxxxx
Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/
|