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Tuesday, August 09, 2011 6:02:55 PM
Maitri and all: This is what I'm looking at: Yes, it's possible the wave up today was AJ's wicked fast rebound and we go lower. AJ uses mirror patterns for his work and his centerpoint is early November 2010 and we are into the flash crash time frame which had some fast up/down waves.
However, I'm looking at the COMP chart and notice the notes on the stochastics indicator, this compression pattern looks like it's broken upwards out of the compression and the theory behind it is that it will quickly make for the opposite extreme reading.
As for a target, see the SPX chart which shows the wave up from March to May 2009 as what I am looking for. I think as we pass 1300 we may be able to better put a top target in place.
All this is my opinion and I am not anywhere near perfect and subject to be wrong.
$COMPQ - 60 min Candlesticks
$SPX - Daily Candlesticks
However, I'm looking at the COMP chart and notice the notes on the stochastics indicator, this compression pattern looks like it's broken upwards out of the compression and the theory behind it is that it will quickly make for the opposite extreme reading.
As for a target, see the SPX chart which shows the wave up from March to May 2009 as what I am looking for. I think as we pass 1300 we may be able to better put a top target in place.
All this is my opinion and I am not anywhere near perfect and subject to be wrong.
$COMPQ - 60 min Candlesticks
$SPX - Daily Candlesticks
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