Now SPX daily has made a 5-wave up since July 1, I think
1. the maximum of this wave 5 may go as high as about 1150, because wave 1 > wave 3, so wave 5 <= wave 3.
2. there may be another 5-wave up after a 3-wave pullback. Let me assume the current wave 5 ends at 1150 and the pullback ends at 1100. then the next 5-wave up can go as high as 1240.
3. the current 5-wave up and potential 3-wave pullback and then another 5-wave up seem forming a bigger 3-wave up pattern. from April 26 to July 1 was a 5-wave down, so there would be another big 5-wave down again, which may break down SPX 1000.
Am I right? Thank you.
The bottom line, the short-term trend is now officially up to me, but I hold no short-term long posi ...
Cobra 发表于 2010-8-2 16:23