AI
Wednesday, October 05, 2011 12:56:10 AM
Hope everyone's well - Been lurking and following the posts/updates closely, especially as we close in on the significant nested Hurst cycle low that appears to lie ahead.
Looks like Bliss may be correct that we just saw the 6/7 day cycle low come in at LOD. Bigger picture though is that we just made a lower low versus the price at the prior 5 week cycle - as well as taking out the August lows - consistent with bearish near-term expectations for the general market.
Wanted to hopefully add to the discussion here via the enclosed chart(30 min SPX).
After the August low, we had the complex correction with an ~ 50% retrace and which appears to have ended with the break out of the ascending wedge (9/12-~ 9/20).
Following the motive decline out of that 9/20 (or 9/16) peak, the retrace was a precise 78.6% (blue retrace scale). In addition, the (green) 1 X 2 Gann Line, out from the August low, acted as a precise point of resistance {this retrace level (0.786) is consistent with a wave '2' + we have a significant point of price/time interaction}.
The motive decline from that retrace point (a complex wave '3'?) has the maroon Gann 2x1 fan line acting thus far as resistance.
(fuschia price scale is % extension of current motive wave versus wave '1')
At present the two motive declines are 1:1 by price. Suspect that the next 5 week Hurst cycle low (also nested 10 week) gives us the bottom for this sequence. At present getting spx 1010-1050 as possible price target(will likely to better refine this range this weekend).
Regards
" rel="nofollow" target="_blank" >[URL=imageshack.us/photo/my-images/833/spx1004.jpg/]
[/url][tag]insert-text-here[/tag]
Looks like Bliss may be correct that we just saw the 6/7 day cycle low come in at LOD. Bigger picture though is that we just made a lower low versus the price at the prior 5 week cycle - as well as taking out the August lows - consistent with bearish near-term expectations for the general market.
Wanted to hopefully add to the discussion here via the enclosed chart(30 min SPX).
After the August low, we had the complex correction with an ~ 50% retrace and which appears to have ended with the break out of the ascending wedge (9/12-~ 9/20).
Following the motive decline out of that 9/20 (or 9/16) peak, the retrace was a precise 78.6% (blue retrace scale). In addition, the (green) 1 X 2 Gann Line, out from the August low, acted as a precise point of resistance {this retrace level (0.786) is consistent with a wave '2' + we have a significant point of price/time interaction}.
The motive decline from that retrace point (a complex wave '3'?) has the maroon Gann 2x1 fan line acting thus far as resistance.
(fuschia price scale is % extension of current motive wave versus wave '1')
At present the two motive declines are 1:1 by price. Suspect that the next 5 week Hurst cycle low (also nested 10 week) gives us the bottom for this sequence. At present getting spx 1010-1050 as possible price target(will likely to better refine this range this weekend).
Regards
" rel="nofollow" target="_blank" >[URL=imageshack.us/photo/my-images/833/spx1004.jpg/]
[/url][tag]insert-text-here[/tag]
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