EOD Count Sept 18
Courtesy of Binve at MARKET THOUGHTS AND ANALYSIS
[note: click on charts for larger views]
I think this small triangle within the larger triangle is a head fake. I also think this B wave in the triangle is a headfake. I think this correction wants to become very complex and extend sideways
Still building off the count from my last series of posts (EOD Count Sept 17, Mid-Day Count Sept 17 and EOD Count Sept 16). I think we are in the middle of Minute 4 now.
I am showing below on the SPX chart both the triangle and the flat options counts, but I believe we are in a triangle right now. You can see this in more detail on the second chart below of the NDX. Incidentally, I was calling for Minute 4 (Orange) to be a triangle on Friday of last week (Mid-day Count, Sept 11). And so far it is looking like it is panning out.
Here are my longer term count and trendline, S/R line charts. The rally still is breaking all of the local trendlines to the upside. I think a move to the neighborhood of 1100 is very likely at this point.
Edit 9/19 11:55 – For Alphahorn
I took a look at the long term chart for IBM (I had not really pulled it up before, very interesting!). What I did was identify the 1999 price peak as the top and counted the large waves down. It looks extremely corrective to me. It looks to me like there is a large double-three at play, or possibly a triple-three (see the chart notes). If the current wave does go above the price in 2008, then I think it is an X wave with the 3rd A-B-C down to follow. What is very interesting is the long term double top that was made. If this X wave challenges the 2008 peak which is only *slightly* lower than the 2009 peak, I doubt it will beat the 2009 peak. Then there will be a long term triple top. Wow, very bearish.
