3 replies to this topic

[tsharp]

fwiw, here's an update of the spx 130-min chart with my tentative fractal/wave count, and the median line sets that seem to be the most important at this time. with today's lows taking out the lows of last week, i suggest that my first thoughts of a corrective series that would last through at least next monday is back on the front burner. the reason for this position, is because i think this move down is a larger c-wave, which must be a five-wave series, hence on the weekly chart, either a one-bar or a three bar series are the shortest possible set-ups that could satisfy the five-wave rule for an ending c-wave; so with a c-wave bias, that would leave next monday as the minimum first possible day that this leg down could be over, though it could take longer. at this time, my preferred count shows a downward wave-i, wave-ii, wave-i:iii, with wave-ii:iii in the works, with the lows at the close being the wave-b:ii. if this count is correct, then wave-c:ii could move up at tomorrow's open, but should not take out the highs of yesterday (1194.78)... an alt count would allow the second wave-ii to be complete, and we would just resume the next next segment downward from the open... twt. --tsharp chart attached

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[stockleap]

Tim, Can you please show the anchors for the purple set of median lines? Is this purple set standard Andrews or modified median lines? Thanks.

[tsharp]

Tim, Can you please show the anchors for the purple set of median lines?  Is this purple set  standard Andrews or modified median lines?  Thanks.

<{POST_SNAPBACK}>

no problem, but it would you mind it coming from a daily chart? as you can see, it is quite the modified version of schiff, with some babson technique added. i think Tim Morge would call this set-up an energy coil... though the fork set-up is my own practice, not his.

--tsharp

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[stockleap]

Ah, I see. Thank you, Tim.