the Great 10/10/08 AstroDate bar: finally victorious!

that was indeed an epic battle. think for a moment how many times it seemed we were on the cusp of massive liquidation and panic. you can get an idea from the price range of the days and the daily spx chart, but you really had to be there and in the market, one side or the other, to know what that battle was like. there was big risk on either side. i salute the brave fallen. recall the horrible overnight frights and failed daytime rallies: the fact that the 10/10/08 spx low of 840 was never busted is quite remarkable! that number was nailed during the trading day, in advance, by iron cross. in a chart later posted by swisstrader for another reason, i noticed that it targetted the exact 50% retracement of the august, 1982-october, 2008 advance. w.d. gann's spirit still moves. more fun can be had with Time as it relates to all of that, some of it i have already posted. but that is enough for now. speaking of now, what now? the rally should have started in earnest and it should last for days and weeks and months - about three months is what i opine, and well into the new year. so, i plan to do a lot of sitting back and enjoying the respite. frankly, i am a little weary from the conflict. H1

Edited by humble1, 29 October 2008 - 01:00 AM.

H1, your conviction in the face of withering adversity (market action and board skepticism) is commendable. I see a few things : a) From an EW point of view, we are embarking on a 4th wave of IT degree now, having completed a minute 5th of 3, which did not make new lows in SPX but did on several other broader indices. A huge rally is in the cards. Time wise, this rally should be 20 days to a month (since that was about the time that 2nd wave of IT degree took). However, price wise, second and fourth wave equality suggests a rally of 113 points, which is only about 15 points north of here. 30 degrees from the Oct 10th low is Nov 10, 60 degrees would be Dec 11. Think 1987, where restests were formed at these Gann angle dates. Since 5th wave is due, and Mclellan oscillators are in terible shape, I am thinking we make lower lows on one of these angle dates. c) Throughout this bear market, 90% upside days have shortly been followed by short term and/or intermediate-term market tops. We had a 90% upside day yesterday. It would be interesting to see how the market reacts this time. Best to you.

Kudos for making an excellent call. Your conviction was duly noted.

thanks, folks. kaiser: you have given me some things to think about. H1