Yeah the posting is too much lately. I am as much to blame as anyone. Your perspective is always welcome here, if I'm going to ban you , make it worth my while!-vbg
So you think that the putative triangle is a complete correction? It is certainly possible but I find it way too steep.
Perhaps its not a triangle but a simple a-b-c off the November 4th high. On the SOX I am even inclined to count that move as a clean double 3 (I don't like the first leg of the SOX down off the 4th as the 'a' of the triangle as it is clearly impulsive). And take a look at the move off the highs on the $TRAN, it channels well and looks impulsive to me. Frankly I have never found the DOW counts well so sometimes I defer to the Transports for clarity, same way I defer to the SOX for tech.
You bring up some good points. I also see new highs coming in several DOW components. JNJ ('v' of an ED right now?), MMM (skinowski spotted an ED in progress there, in the 'v' up right now), Softie for sure (likely tomorrow), GM looks like it in the 'e' up of a triangle of the lows. But I see strong 'c' down potential for C, JPM, AXP and WMT. Totally agree on QCOM, huge breakout there.
Nothing is a slam dunk for me here but I see financials looking shite, I see the TRAN with a 5 wave impulse off its highs that I think needs another leg down, but I see tech looking strong. Very mixed signals.
Aren't you glad your biggest problems are meetings and a 16 year old boy's hormones?-g |
