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Strategies & Market Trends : Classic TA Workplace
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To: AllansAlias who wrote (12465)9/7/2001 11:45:37 AM
From: Perspective  Read Replies (1) of 209892
 
I have us (in the Naz) turning for a double bottom soon; just did b of B of a flat upward correction, now c of B. (we went up in three waves, down in five, so the jello "B" if it is a "B" isn't done yet - we got a little up jello "b" and need a matching impulse "c" to complete a zig-zag "B" correction of this morning's short covering.) This should produce a head-fake underneath the AM low on SPX, but it looks like COMPX should be able to complete a flat without new lows.

Longer term is easier to see on SPX; I see us entering C of 4 (which started at the open today) of 3 down (which started at SPX=1155 on Tuesday) of 3 down (which started Aug. 27th) of 3 (or C) down (which started July 31st) of A or 1 down (which started off the May highs). In other words, we should be wrapping up 3 of 3 of the third wave of whatever launched off the May highs in the next several hours. It would make sense to me to have the 5 of 3 of 3 of 3 land us at a COMPX retest,producing a multi day 4 of 3 of 3 rally.

I maintain that (from Naz perspective) this remains in the context of what the double zig-zag looked like in 1931 as the second zig-zag launched with vigor. While I didn't count Naz, it has similar structure to SPX; the SPX is just far clearer to read right now.

BC
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