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techcharter

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techcharter

Re: Hawkeyefan post# 43833

Thursday, 06/10/2010 3:02:37 PM

Thursday, June 10, 2010 3:02:37 PM

Post# of 51804
Hawkeye, I Disagree on SPX E-wave count

"From the April high there was a three wave decline (A) into the flash low. Then (B) up into 1174. Then a five wave decline (C) to 1041. "

I have to disagree with this wave count since the proposed wave structure does not exist. Only a flat has a 3-3-5 structure, and wave B MUST have a price move larger than wave A. This never happened.

Today's market action favors a double zigzag (SPX RUT NDX TRAN) or flat (INDU) from the May '10 low. The start of waves a and c are about at the same level. wave a terminated in the 38% area. Wave c structure is nearly complete on the intraday charts. This all supports the idea the bear market forces are strong.
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