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[tsharp]

the past two day's choppy market action haven't really disappointed or surprised me... though they haven't been too profitable for my short-term momentum model either. of course it's yet to be seen whether or not this upward mess is simply a c-wave, which could end as soon as tomorrow morning; if the wave-d:c ended this afternoon, then just a completion of wave-e:c with a nominal new high could do the trick. an alternate to this possibility is that a wave-i running wave-ii have developed over the past two days. if so, then another strong upward day would likely ensue by sometime tomorrow. if you've been following my fractal bias of late, you'd probably guess that i sort of lean towards the former, and suspect that we could finish out a rising wedge sometime tomorrow, and then decline into week's end... unless a more complex corrective structure is forming. i'd still like to see downward to sideways into next week, so that the weekly momentum model can move back to the place from which a nice little ending rally can begin. anyway, if my EW/fractal analysis is correct, we need one more move back downward to new lows, which by my work, would complete a five-wave pattern and wave-c:d, from which wave-e, which should take us back up to new highs... but as always, twt. --tsharp p.s. as an after-thought, i also included the daily spx chart.

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Edited by tsharp, 26 January 2005 - 07:04 PM.