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Strategies & Market Trends : Classic TA Workplace -- Ignore unavailable to you. Want to Upgrade?

To: Henry J Costanzo who wrote (193603)	8/27/2011 4:15:38 PM
From: hawkeyefan	Read Replies (3) \| Respond to of 209892

I have seen the triangle scenario on a couple of sites, but the move down that started on July 21 for the SPX, INDU, and the RUT ( July 26 for the NDX) finished when the SPX hit 1101. Those that speak of that triangle have the long and intermediate term count incorrect, imho. I still believe the leg down from May 1 to the middle of June was a three waver and have based everything I do on that fact. So far it has worked for me except for a couple of glitches, but you just can't get all the smaller moves correct or the length of the moves correct. If it turns out to be triangle it will break out the top and be a "b" of "B" triangle. That is if the move from May 1 to middle of June was a three waver. This is the bear count. The other bear count would be if this move up is a "c" of "A from 1101 ( or a "c" of "a"of "A"). IMO, it cannot be a "c" of a small "a" in a "iv" because the correction from Feb high is over. IMO, there are only two counts possible: one is the correction following the move up from 666 to 1344 is over at 1101. The other is that the move down from 1344 to 1101 is an "A" of an "ABC" and we are in the "B". If we are in the "B" of an "ABC" the "B" has to at least retrace to 1271 as that is 70% back from 1344 to 1101. It does not have to stop at 1271 as what I have read is that the most probable would be to go higher. Like I said this has worked for me, but I didn't expect a decline so far to 1101. I am not varying from this long term count yet, but how it makes the longer term waves fools me at times.