.jpg "UrmaBlume"){kind=avatar}
MrTrader's Weekly SPX
July 5th, 2009at 1:40 am
In addition to Mortie’s excellent posts (http://www.bostonwealth.net/2009/07/02/morties-weekly-chart-update-2jul2009/) & (http://www.bostonwealth.net/2009/07/04/morties-forecast-for-the-intermediate-term-4jul2009/), here is what I’m looking at:
SPX Weekly
Over at SOH, Nick articulates a market-view which I happen to share and have essentially depicted in the chart above (http://slopeofhope.com/2009/07/a-reader-responds.html)
The different ellipses are drawn using the same low and 3 different highs – this approach lends itself pretty well to a scale-in strategy
Tags: SPX ellipse pitchfork
Categories: Markets
Good Morning,
Short answer: Yes our ellipse functions should be substantially similar – I’ve sent over an email with details.
Thanks for the input on the 50% fib. retracement – will have to wait and see what Mr. Market thinks of this analysis
Mornin’ Mr. Trader: I have a question on your ellipses, since I’m not familiar with your software. On my software, I have the option to draw the shadow and an intercept line with a midpoint (that is closer to the predicted target). Are the ellipses you have drawn the target in price and time or do they move like mine to intercept the market? The ellipse study I use is a time and price study and therefore the colored ellipse moves as the market progresses, but the intercept line’s midpoint is more predictive.
Also regarding the WaveB target near the 50% retrace, that is possible even under my scenario as W4 can retrace up to 50% as the max-typical retracement. I am just not predicting that because of smaller time-frame projections. W4 just cannot overlap W1 ~ wherever that is on the 6Mar move. So our forecasts are not in disagreement at all. Great chart and depiction of what you and others are thinking.