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Replies to #8593 on S WAVE CHARTS

snootmagruder

07/05/15 7:00 AM

#8595 RE: NASARAVI #8593

The three peaks and a domed house pattern is too complex and far fetched to follow IMO. The pattern I'm following has the 1820 OCT 2014 low as the start of the final wave up in the wave pattern from the 2009 low and we shouldn't make a lower low than 1820, so in this statement it could possibly go to your 1829 level. However the other indices will play a key part in support. For instance, the TRAN index has already gone down significantly and has it's Oct 2014 low of 7700 not too much lower. I would be surprised to see any lower than those gaps at the 1904 SPX level. I'm looking for some patterns to establish on the way down to confirm the fork positions as the last 6 months has become ridiculously complex.