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Saturday, May 9, 2009

Two Counts both ending at 943

This top chart shows the market doing what it seems to know best. A series of double zigzags this one ending in an (ED) Ending Diagonal which will peak at 943.

The charts below are an alternate count. It has about the same amount of probability. It shows wave C beginning on the 28th of April. It also terminates at 943.

I admit that I may not be thinking too far outside the box, but 943.85 is the top of Wave 4 back on 1/6/2009. It also comes very close to several other Fibonacci ratios. The significance of that date make me think this is the most powerful Fibonacci to target.

It's at the top of the trend line, and fits the rhythm of the waves. Coupled with the divergence shown in my previous post I believe the end of wave A will happen next week. At the very least it should be good for a trip to the bottom trend line. 880 SPX and a move below the trend line will go a long ways toward confirming the top of Wave A.

Analysis presented on this blog has only informational and educational purpose and does not represent a proposal for buying or selling currency contracts.

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