Tuesday, August 18, 2009

Just in case

I came up with this possible wave count this morning. It is not an Elliott preferred count, but, a hard down finish today, Tuesday, makes this my leading candidate and suggests much, much lower prices and in a hurry:


SPX - 120 minute


To reiterate so there is no misunderstandings, this very bearish wave count on the 2-hour chart only becomes a serious consideration if that wave 3 low gets taken out with a powerful wave down, sometime later today or at least no later then Wednesday.


A

4 comments:

Christopher said...

Did I miss your discussion on how you use BWT into your trading analysis. Never really tried using CCI.

Anonymous said...

What is that new trend line on your charts(the navy one coming in at 991.45)?

Allan said...

I'm impressed, sharp eyes, that is indeed new, it's an ATR_TrailingStop indicator that a reader pointed me to about a week ago, it's in beta test mode and I have it on all of my BWT charts, more later if warranted.

Allan said...

Re: BWT discussion

More or less an ongoing discussion going back toward early 2009.