Tuesday, February 1, 2011

Anniversary ?

SPX made a HH and HL and closed in the positive.  That is positive for the markets.  It was a cloud walk day.  SPX only corrected 12.5% towards the end of the day.  Bulls had a fantastic day, but if I remember correctly I could not find even one of them yesterday.  Bears got crushed and SPX went on to make the highest high since 666 low.  
The chart above is SPX hourly.  I cleaned it up a little bit.  Wave 1 from 1010 to 1129 crossed 2 halves of a channel.  If I expect the same 2 halves for wave 5 I see 1320 as a top.  Incidentally the wave 3 from 1039 to 1227 took 3 halves.  I have been focusing on the vertical movement and not on channel movement.  Future will show how this works. Wave one took 186 hours I believe wave 5 should take 372 hours.  SPX is 11 hours shy of that. 

The emblem above is Gann.  Feb. 5th last year was a low.  It is very probable (rule of opposite )  this Feb. 5th should be a high.  With 11 more hours to go and 360 degrees so close I am thinking this could be a true Gann moment at 1320.  
I am still bearish 
Thanks for reading my blog.

1 comment:

  1. nice work Dino ! had originally thought the Feb date would be a low but you are probably right