I spied a familiar patented Hawaii trading pattern, the blimp of doom, and it is very nicely formed. That be bearish, predicting about a 25% drop.
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Is your measured Blimp calculation based on the distance from the blue line to the peak at 274?
ReplyDeleteThanks Steveo...I have been watching that egg and in particular in XLF. Last week saw the most money poured INTO the mkt since the Do-Com high. And we closed up only 5 1/2 handles.
ReplyDeleteAs to a wave count, there has not been an impulse move aside from within waves of smaller degrees since 2009. But that chart looks like we could say the 2008 drop was wave 4 and this has all been a 5 wave ending diagonal with wave 5 also being an ending diagonal. IOW, this could get very serious quickly. Will locate that chart on my other PC and send it to you.
Steve
Its based on measured moves of 50% to 75% of the egg height, and happens to line up with the trendline, so I give it more credence.
ReplyDeleteGreat please send, I will review XLF also
ReplyDelete