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I'm not a financial advisor nor a broker/dealer. I neither provide financial advice, nor make investment recommendations. Nothing you read on this website constitutes a solicitation, recommendation, or promotion of any particular security, transaction, or investment.
I may at times discuss trades or trade setups, but this is meant to be purely a discussion point for entertainment and educational purposes only.

Friday, November 18, 2011

November 18th Update

S&P 500

Not a triangle!
Whenever my count is wrong, like above, the first thing I do is delete all the labels and go back to the higher time frame and re-evaluate.


With price heading lower on strong momentum, what we probably had was a 1-2,1-2 situation, or in other words, the beginning of an extended third wave pointing down.  I had optimistically hoped for a rally into year end but I think that's looking pretty unlikely now.

I may update this post later today as things develop.  I should note that I got short this morning about an hour ago, so I'll update my positions page.


Posted by Waverunner (FractalTrader) at 8:25 AM

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Notation


Wave DegreeMotiveCorrective
Grand Supercycle((I)) ((II)) ((III)) ((IV)) ((V))((a)) ((b)) ((c))
Supercycle(I) (II) (III) (IV) (V)(a) (b) (c)
CycleI II III IV Va b c
Primary((1)) ((2)) ((3)) ((4)) ((5))((A)) ((B)) ((C))
Intermediate(1) (2) (3) (4) (5)(A) (B) (C)
Minor1 2 3 4 5A B C
Minute((i)) ((ii)) ((iii)) ((iv)) ((v))((a)) ((b)) ((c))
Minuette(i) (ii) (iii) (iv) (v)(a) (b) (c)
Subminuettei ii iii iv va b c
Micro((1)) ((2)) ((3)) ((4)) ((5))((A)) ((B)) ((C))