Thursday, September 24, 2009

SP; What do you think?


Could be it's in a 3 down, but so far it has held at the c=a point.
Given the larger context of a rally structured in abcx's with ever decreasing volume, out of this world bullish sentiment at the highs, and the impulse wave nature of the down move, prefer 3 or maybe -1- of 3.

 New lows on the day will help answer the question.

BTW, the SP Dec high @ 1075.75 is  1.616 of 666, the low. The cash SP high was 1080, exactly 1.62 of 666.

I mention this in Strange Attractor for the SP @ 1076.50
published on Sep 17.
"I don't know of any Elliott rational for a fibonacci  advance / pullback of an a outright number, but that has been showing up lately in various markets. For instance WTI had a .78 gross pullback at 32.40 from 147.30, and the NG had a  gross .85 pullback from 15.78 high at 2.40.
Whatever works."

Whatever works probably works because it's a very simple algorithm . It was after all a move driven by HFT and prop programs.

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