Replies to post #41691 on The TradingEdge

[jxyzobrien]

foreign market 3am bounce
yesterday tells. market internals changed bullish fast. SPX held channel
market remained in value. THe count was supposed to be 5-4

all those things could have went the other way

[algol]

Gotta love the 5th waves! My original price target was too low. 5-5-1 was 25 points. If 5-5-3 = 1.618 the length of 5-5-1, then we are looking for some 40 points advance of this 3rd subwave, which began at 2850. So, do the math folks. As always, MHO. I will be selling my calls at 2890 when we get there. So far no sign of weakness on the 60-min chart since the 3rd subwave began.
Have a great weekend everyone!
Algol.