David,
I disagree with your count, but agree with some of your predictions.
I stick with my opinion that we're about to start 3 of 3 of 1.
Wave 1 ended 8/14 and lasted 20 trading days.
Wave 2 ended 8/25 and lasted 6 trading days. It took the 3 dma over the 13 dma- a short term correction in my book.
Wave 1 of 3 started 8/26 and lasted 4 days.
In the last 5 days we have completed the 2 of 3.
a of 2 from 9/1 am to 9/2 pm
b of 2 from 9/2 pm to 9/4 pm, a double action, too.
c of 2 from 9/4 pm to 9/8 pm
3 of 3 should take around 4 days, too, and be of a greater percentage decline then wave 1 of 3, bringing us under SPX 900 next Monday.
The last 5 trading days were a correction of a lesser magnitude then the one ended 8/25, cause it didn't take the 3 dma over the 13 dma.
However, it's a classic abc correction to the drop from 1100.
All that remains to see is if we take Friday's close by tomorrow, to continue the crash phase.
My guess is that most, if not all, of yesterday's gains should be wiped today, and then panic would set itself in investors hearts.
ATG |
