by Chart School - August 29th, 2009 9:41 pm
New charts from Allan, who seems to be predicting an end to the rally’s coming soon. Here’s why. – Ilene
Courtesy of Allan
SPX- Monthly
On the Monthly chart, with one day left in August, 1029.80 still prevents the ATR system from flipping positive. Blue Wave is four months into it’s Buy Signal and won’t flip Short until the 830′s.
SPX – Weekly
On the Weekly analysis, we still see a triple divergence on the False Bar Stochastic as well as a stubborn wave count and pattern from Advanced GET warning of new lows to come. I’ve drawn a trend line that is walking up with price and is sitting right now at about 963, almost exactly where both Blue Wave and ATR will flip Short. Take note.
SPX – Daily
A close up Daily chart further clarifies and provides new REVERSAL levels, basis Daily closing prices:
Blue Wave Daily flips SHORT @ 1010.87
ATR Daily flips SHORT @ 1000.71
INTRA-DAY CHARTS
SPX – 90 minute

The
90 minute chart shows an
Elliott Oscillator on the bottom, highlighting a significant divergence between the oscillator and the recent new
…

Tags: $SPX charts, Crawford, daily charts, Equities, market downturn, Neely, Prechter, reversal levels, Stock Market
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