Thanks Vitas... We're still in that yellow 3 of white 5 move lower. Yellow 3's own subwaves look fairly clear. From the 8/2 peak, 1 of 3 was a leading diagonal into the 8/3 a.m. low, followed by a zig-zag wave 2 of 3 into the 8/3 late p.m. high. wave 3 of 3 is extended, with 1 of 3 of 3 completing at the 8/7 early a.m. low, 2 of 3 of 3 ending at the 8/8 a.m. high, 3 of 3 of 3 ending at 8/9's 10:50a.m. low, and the market is in a 4 of 3 of 3 bounce since.
This bounce should falter at no higher than the 8/7 early a.m. low (1196 spx), after which the 5 of 3 of 3 impulse move will carry the market lower, then we get the 4 of 3 bounce followed by the 5 of 3 decline. 1140's minimum should be seen by that time, with potential to 1120's or even 1105 area.
If these remaining waves proceed at roughly the same pace as their predecessors, we should see this wave 3 complete in roughly 7 more trading days. If a time consuming triangle or diagonal develops, one could easily double the time required.
Did you ever get large into an IBM short?
Regards,
David |
