I would like to see these broken trendlines invalidated before I commit to the 'larger rally is on' idea.
stockcharts.com[w,a]daclyiay[dd][pf][vc60][iut!ub14!la12,26,9!ll14][J74637940,Y]&r=844
stockcharts.com[w,a]daclyiay[dd][pf][vc60][iut!ub14!la12,26,9!ll14][J74637945,Y]&r=311
stockcharts.com[w,a]daclyiay[dd][pf][vc60][iut!ub14!la12,26,9!ll14][J74637983,Y]&r=652
The SPX is bouncing back from its lower BB to the 20 DMA, which is to be expected. The Dow (at +131) is above its trendline, but we'll see what happens by the end of the day.
I count a complete A-B-C advance from the October low, which is similar to previous A-B-C's in this grind up from 2004. I still think the ED counts are a more likely than the complex impulive counts from 2004.
Brian |
