A breach of the Nov 2008 lows is in fact what the general consensus is anticipating in terms of a final fifth wave decline: http://blog.afraidtotrade.com/possible-elliott-wave-on-the-sp-500-daily-chart/
SPX have very serious troubles with SMA-50 line while tech´s are slightly more bullish.
For example QQQQ travelling far ahead from SMA-50 line, it seems going to take some room to fall from higher ;).
I think we´re inside of impulses allready, if and when last safety resort as .618 breakes (SPX800-820) we could go but certainly these IV waves are not very pleasant to try to count them correctly - there´s allways alternate exist. US bonds is next and last bubble going to explode.
Btw. Steve, your Exxon chart rocks, top work, makes me wonder a bit how much it´s actually going to fall at some day.
3 comments:
do you waive the possibility of revisiting the lows for this index ?
A breach of the Nov 2008 lows is in fact what the general consensus is anticipating in terms of a final fifth wave decline:
http://blog.afraidtotrade.com/possible-elliott-wave-on-the-sp-500-daily-chart/
SPX have very serious troubles with SMA-50 line while tech´s are slightly more bullish.
For example QQQQ travelling far ahead from SMA-50 line, it seems going to take some room to fall from higher ;).
I think we´re inside of impulses allready, if and when last safety resort as .618 breakes (SPX800-820) we could go but certainly these IV waves are not very pleasant to try to count them correctly - there´s allways alternate exist. US bonds is next and last bubble going to explode.
Btw. Steve, your Exxon chart rocks, top work, makes me wonder a bit how much it´s actually going to fall at some day.
Regards,
Market Geometry
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