This post by Daneric40 has been promoted from StockTock Social. Dan thinks this wave c of wave 4 of 3 could extend above the pennant’s resistance. Something to keep in mind!
Primary Count:
Wave 4 of 3 is playing out as an “expanded flat”. This is a 3-3-5 wave structure in which wave B is so strong it establishes new lows, which it did. Wave C then typically expands 1.618 the amount of wave “A”. That would take the SPX to 1081 in a 5 wave move, perhaps grinding.
Alternate Count:
Wave 4 of 3 will play out as a “running flat”. This is a 3-3-5 wave structure in which wave B establishes new lows yet wave C is too weak to take out wave A highs. That would leave it ending somewhere less than 1007. I drew a trendline that may be a target if indeed this is whats playing out.
Danno…..dont worry about board …i have 8 partners….all professionals…all different personalites and dynamics can be stifling at times….please understand 95% of people on the board truly appreciate your effort……gl bud………
I second kliguy38. You do excellent work.
Hi,
First time on this site and what a find . Thank you for taking the time to do what is obviously a lot of work for the benefit of others. I have passed the link to this around as i think its great charting.
Nice work Dan
I actually favor your alternate count as my primary.
-pokerden
Daneric – Can you leave me a note explaining the VIX today. I’m guessing the charts tell you what’s happening, but in the VIX case today the rising wedge broke out to your point C. This screwed me up. It retraced and played out the original wedge I had. Now you have raised your wedge to a convenient point. Is that kosher? Also, the VIX played actually ran out of the end of the original wedge. It just spit out the end and rose. Is that cool? Can that happen, or do I have to retrace and adjust chart pattern when new points present themselves. I would appreciate some expalnation. Your input is greatly appreciated. I thought it was funny when you were refrenced in Kenny’s charts. You smoke him in my opinion. Thanks again.
very nice grafh