1 reply to this topic

[eminimee]

My mind battle is over a B wave or wave 1 of a bigger ED top VS a wave 3 top. If a B wave or wave 1 of a bigger ED I think we should take out the previous 4th near 1505/7 so we have to wait to see if we even get down there. If we topped a wave 3 and doing a forth...we could have bottomed yesterday or we just might be doing a mirror image thing trying to complete a wave 2 of an ED C wave. Hope I'm expressing myself alright. These charts should help if it all sounds to confusing. Interesting that if we are in an ED C wave of that forth and target being the previous 4th of lesser degree....timing wise ...Friday's close would be very close to .618 of the upmove.
On the more bearish count on the 15 min chart...also interesting where we closed yesterday...right at the .618 retrace of a subdivided 5 wave move.
Also posting a chart that has the three scenario's I see here if we topped a B or wave 1 of an ED. If we are bottoming a 4th....it's not on there...but obviously that would be a 5th up before a much bigger correction...
My preference is still the bigger triangle...but if that first "A" is a 1....which it might be....my odds of at least visiting the aug lows are creeping up.



http://stockcharts.com/c-sc/sc?s=$SPX&p=5&yr=0&mn=0&dy=18&i=p04745242026&a=93322579&r=3718.png

http://stockcharts.com/c-sc/sc?s=$SPX&p=15&yr=0&mn=0&dy=21&i=p10613883387&a=89430406&r=3656.png

http://stockcharts.com/c-sc/sc?s=$OEX&p=60&yr=0&mn=5&dy=10&i=p52128234305&a=79663062&r=2076.png

[ogm]

Awww, thats my favorite Bank. I was doing business with them for year. I'm sad. Not going to sell the stock, since its still cheap and pays good dividend, but l'm sad Going to take a hit on those NOV calls. But MSFT already made up for it. And MRK will make up even more.

Edited by ogm, 18 October 2007 - 06:38 AM.