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Strategies & Market Trends : Classic TA Workplace
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To: The Freep who wrote (136240)9/6/2006 3:41:51 PM
From: bcrafty  Read Replies (1) of 209892
 
Freep, that overlap kills most bullish counts, too, other than the iii of 3 aspect

Ya. That's what I meant when I mentioned to mc that his count still looks viable.

Last month's discussion revealed that apparently there are two camps on this overlap issue: one camp that says that any overlap makes the count invalid (as per strict construction of EW "rules"), and another camp that allows for certain minor transgressions, including slight overlaps.

But whatever camp one is in, it looks to me from the indicator soup that SPX is overbought, and at least some kind of correction is due. If one is in the "iii of 3" camp, then I suppose they feel it will be a shallow one before resuming upward, and if one is in the "B" camp, then . . . . . well, if C=A then we're looking for about 100 points down on SPX in the next couple of months.
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