10/2/200810:26 PM Pacific My preferred wave count of this 120 minute chart of the Nasdaq e-minis looks like we are one small wave away from finishing a symmetrical five wave set down. In the 120 minute S&P e-minis that is also below, the same thing exists, a possible minimal new low, around 1112ish. Both of these short term charts favor a probable thesis that we are very nearly done with a 5 wave set down. I suppose it is also possible that we are already done with the set. Why is this significant? Look at the weekly chart below of the S&P e-minis that is labeled for Prechter’s revenge. In order for the short-term charts and the weekly chart to match up: 1) my count is wrong and we are going to slice right through 1112 and pick up steam; 2) we are about to finish wave (i) of (3) of 3. The alternative is what I discussed on 10/30 and means we are about to complete a very large double zigzag from the October 2007 high. Any takers? A 1:1 ratio down from 145000 is right here along with the probable turn. The weekly stochastic has a divergence and looks ready to turn. 120 min NASDAQ e-minis
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10/2/200810:26 PM Pacific
My preferred wave count of this 120 minute chart of the Nasdaq e-minis looks like we are one small wave away from finishing a symmetrical five wave set down. In the 120 minute S&P e-minis that is also below, the same thing exists, a possible minimal new low, around 1112ish. Both of these short term charts favor a probable thesis that we are very nearly done with a 5 wave set down. I suppose it is also possible that we are already done with the set. Why is this significant? Look at the weekly chart below of the S&P e-minis that is labeled for Prechter’s revenge. In order for the short-term charts and the weekly chart to match up: 1) my count is wrong and we are going to slice right through 1112 and pick up steam; 2) we are about to finish wave (i) of (3) of 3. The alternative is what I discussed on 10/30 and means we are about to complete a very large double zigzag from the October 2007 high. Any takers? A 1:1 ratio down from 145000 is right here along with the probable turn. The weekly stochastic has a divergence and looks ready to turn. 120 min NASDAQ e-minis
10/2/200810:26 PM Pacific
120 min S&P e-minis
Weekly S&P labeled for Prechter’s Revenge
TMD/DW
10/2/200810:26 PM Pacific
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