Blog Archive

Wednesday, July 29, 2009

An impulse wave may have begun, but this choppy/indecisive market gives little to base an opinion on. $BPSPX is at 71.20 and we have made 2 lower highs, and two lower lows in a row so while it's not anything to trade on; it's a sparkle of bearish bling.

The body of the candles are near the top so it shows the Bulls still are willing to buy the market up, but the long tails with lower lows indicate that the Bears are beginning to show some force for the first time since July 13. That's eleven days in a row for the Bulls! The Tenkan-sen will offer support at 956. The Kijun-sen and the Daily Kumo will offer support at 925 when we fall.

MACD is beginning to turn, but it's less than 20 at 18.611 so there is still room for the Bulls to throw more money into the pot. I'm hoping they quit at 990 ;-)

If I understand the charts at Price Time Volume Investing, there is some indication that tomorrow may be a significant day. I have not followed that theory long enough to completely understand the charts, but it does seem that we are over due for a break out from the doldrums. To be fare a day or two from tomorrow would still be a good prediction over such a long term.

I will be glad to finish this up wave. I'm ready to dance like a bear, and still looking for a reversal at 990.

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


  1. hey bob, on the b wave low on 3/9 that you proposed several days ago, daneric has a daily wave count posted today that deals with period very well and it matches my non-elliot patterns much better than a b wave low would

  2. Daneric's charts show P1 ending on 3/9/2009. That's what most Elliotticians believe.

    The count Kenny, I and possibly others are proposing as an alternate count is radically different.

    What non-Elliott patterns do you use? Can you share your charts?

  3. Bob - Nice blog and info. The chart you reference is a segment of the total bear market so it isn't as important as the total range from 2007-2009. Still, this is a critical time for the market. I am guessing another 10-15% in the next 30-40 days and then a significant correction. The correction could just as easily start today. But I doubt it will continue beyond 180 days if it should move up from here. I entered a post on my blog based on the chart you linked.

    Thanks for reading and keep up the good work. -- Andy


Today's Feature