RE: [RT] coming top

["Jim Ross" <jrosscpa@xxxxxxx>]

I’ve been staring at the last 2 ½ days of SPY, DIA and QQQQs and I can’t refute the proposition that all 3 have completed or are very close to completing ending diagonals and each are near key fib levels.  If so, a small amount of up and/or topping sideways tomorrow and then down.  The larger counts are different; SPY and DIA are ‘c’ ending diagonals following a flat while QQQQ is a ‘c’ ending diagonal following a b wave triangle which is complete.  Many will be looking for an ‘e’ down in SPY and DIA but for that to be the case 1) I’m having trouble counting fives in the last 2 days up (3 waves internally) and 2) QQQQ have already completed a wave AFTER its already complete abcde b wave triangle; how can it extend its thrust if the other markets are taking and e down and then a thrust up?  The fly in the ointment is the level of retrace for these c waves; the a is larger than the c (all are about 62% of a) and higher fib levels are available.  But, they have made new corrective highs and this is a bear market…..I believe.  It wouldn’t even take a truncation to stop them here and now.

A twitch up tomorrow (maybe) to reset some very short term oscillators, some topping sideways, then down.  Just an opinion.

 

From: realtraders@xxxxxxxxxxxxxxx [mailto:realtraders@xxxxxxxxxxxxxxx] On Behalf Of Jim White
Sent: Wednesday, August 06, 2008 8:13 PM
To: realtraders@xxxxxxxxxxxxxxx
Subject: [RT] coming top

 

All stock indexes share Near Impulse dates of 8/8 and 8/9 and all indexes are nearing a price levels where reversals may be expected. I do not have explicit sell signals yet but do expect them in the next two days. These are areas where stops should be tightened and profits protected.

 

 

Jim White
Pivot Research & Trading Co.
PivotTrader.com

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