There are 2 important VST tops today, the 3 week and the 4 day. This could overlap into tomorrow. I'm looking for a double bottom for Thursday and Tuesday next week. A ST bottom is at hand and we should see a powerful counter trend rally into Feb 20-21 from the expected Jan 22 low (108 trading days like the last one in Aug '07). A secondary top should form about a month before the expected low in April
QQQQ support in the low 45 area, SPX near 1364 and OEX 640.
It looks like a right shoulder bounce coming from a nice H&S top projecting to 1219 SPX by April 10+/-.
The 22 month cycle low for the QQQQ is due May '08.
4 Day Cycle Botttom on Target
Started by
blustar
, Jan 16 2008 09:31 AM
3 replies to this topic
#2
Posted 16 January 2008 - 09:37 AM
some ramble posted earlier this morning elsewhere..for wavers really..
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Might sound like a long shot...but if futures can recover dramatically helped by a market friendly number at 8:30am.......there is still a chance that cash is still in an abc from last weeks high. If futures could go green before the open (which certainly doesn't look likely but I've seen stranger things happen).... there is a slight chance spx may not make a new low and that would make this feasible.
Even if spx does make a new low...it still could be "b" of an expanded flat 4th.
I know I'm grasping at straws here trying to justify that three wave move in wave 1 to keep this an ED.... but I'm thinking it is what it is until it isn't.
http://stockcharts.com/c-sc/sc?s=$SPX&p=30&yr=0&mn=1&dy=20&i=p98621209999&a=118913201&r=9320.png
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Might sound like a long shot...but if futures can recover dramatically helped by a market friendly number at 8:30am.......there is still a chance that cash is still in an abc from last weeks high. If futures could go green before the open (which certainly doesn't look likely but I've seen stranger things happen).... there is a slight chance spx may not make a new low and that would make this feasible.
Even if spx does make a new low...it still could be "b" of an expanded flat 4th.
I know I'm grasping at straws here trying to justify that three wave move in wave 1 to keep this an ED.... but I'm thinking it is what it is until it isn't.
http://stockcharts.com/c-sc/sc?s=$SPX&p=30&yr=0&mn=1&dy=20&i=p98621209999&a=118913201&r=9320.png
#3
Posted 16 January 2008 - 09:41 AM
that's what I'm working with, Tea, for what it's worth.
#4
Posted 16 January 2008 - 10:10 AM
The e-wave look suggests a rally to 4Q 48 and SPX 1400-1404 by late tomorrow and a vst bottom is really close today. This looks to be forming a bear flag with one more down thrust into next week, either late the 22nd or early the 23rd. The 24th could easily be a huge lift-off day.










