4 replies to this topic

[eminimee]

Maybe only wave 1? ... a clue would be topping at 717.29 maybe...that would be equal legs.
She doesn't like it above that upper BB for long...so I expect at least a pull back...but in some of the boxed areas, you can see they can be more than just pull backs....coming under that center line is pretty bearish imvho....but a wave 2 could visit there.
75% retrace back to all time highs is 731.........786 retrace is at 746.73 for your information.



http://stockcharts.com/c-sc/sc?s=$OEX&p=D&yr=2&mn=8&dy=0&i=p22519243184&a=104688425&r=2551.png

[ogm]

I'm looking at the 1998 correction setup, looks similar. multiweek hesitation, then sharp rally, followed by a sharp decline. Momentum structure on weekly charts looks in the same exhaustive setup. Approximately the way you have it.

Edited by ogm, 13 July 2007 - 08:27 AM.

[Cirrus]

Many IT to LT moves down start very similar to 1998. The Dow moves to a new high after several weeks of consolidation. The new high is typically not a marginal new high but at least 1 or 2 percent min into NH territory. I've been calling for a 98 type move but it just hasn't shown up...yet. I've been IT bearish for weeks but I've done quite a bit of tactical trading from the bullish camp which is saving me. I'm looking at some ITM RTH, XLF and IWM puts when the time is right.

[thespookyone]

Index and equity PC starting to line up to honor your move to 2, Teaparty-how do you do it?

[eminimee]

equal legs on spx

Very possible that we have only completed a wave 1

...only the shadow knows..

http://stockcharts.com/c-sc/sc?s=$SPX&p=15&yr=0&mn=0&dy=28&i=p79673869628&a=89430406&r=6931.png