SPX update 09/07/’13: Projected Int. Med. wave C targets assuming 1664.83 is Int. Med. wave B high. Note: 50% retrace @ 1668; 61.8% retrace @ 1678

SPX 09072103

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6 thoughts on “SPX update 09/07/’13: Projected Int. Med. wave C targets assuming 1664.83 is Int. Med. wave B high. Note: 50% retrace @ 1668; 61.8% retrace @ 1678

    • ted, I am not giving any trading advice.

      It is correct that the weekly-AI did give a buy signal with today’s price action, but I wanted to wait till this week is over before posting. Daily AI is getting close to OB. the 5,1 has flattened out, the 13,1 is in OB (>80), but no sell-signal.

      EWT count still suggest market is in Int. Med. B, but that count is hanging on by a thin thread… IF Major 4 did bottom at SPX 1627/28, then the market is likely in int. med. I of Major 5.

    • student, I just checked the AI on the weekly; and the SSTO 21,1 is flat, not confirming a buy signal…

      The daily SSTO 5,1 is total OB and rolling over; Hence conflicting set-up.

      FYI: when in doubt get (or stay) out…

  1. soul, what is your gut feeling of wave C down? i know that caldaro calls for 1540 but that seems too steep a drop. i was thinking along the lines of 1600 give or take 20pts.

    • Honestly I don’t have a gut feeling for it, but often, according to txt-books- C equals at least A. A was 1709-1627=82 points. Assuming B to 1665, then C down to 1583 in this case. Again, the 3 fib levels I pointed out are all very possible and should be monitored. Although I think a 0.618x relationship is less likely. That brings the SPX only down to 1615 (right at the 1614 OEW though…) and may not create enough fear (market wants nobody long, all short, before it can go up again). 1585ish would do that, and certainly 1540s!

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