11/16/20088:48 PM Pacific If this was an intra-day chart of GOOGLE, I would be in already. Five waves up followed by 3 waves down to an ideal retracement level, and the substructure is a near perfect extension ratio between A and C (5-3-5). But it is a monthly chart, and since we can revisit 260-270 I will wait. In fact, 270 will make it a perfect extension ratio, and 260 is a common 5 th wave extension of the preceding 3 waves, counting 5 waves down from B. But still, this chart says GOOGLE is close, very close, to a turn. And this is a very clean count. Since my S&P Diagonal count doesn’t really corroborate this GOOGLE count, I am going to take a fresh look elsewhere. I haven’t tried to count the Russell 2000 daily in awhile, but I was able to come up with a clean count pretty quick that corroborates the GOOGLE count. The count shown is down from wave 2.
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11/16/20088:48 PM Pacific
If this was an intra-day chart of GOOGLE, I would be in already. Five waves up followed by 3 waves down to an ideal retracement level, and the substructure is a near perfect extension ratio between A and C (5-3-5). But it is a monthly chart, and since we can revisit 260-270 I will wait. In fact, 270 will make it a perfect extension ratio, and 260 is a common 5th wave extension of the preceding 3 waves, counting 5 waves down from B.
But still, this chart says GOOGLE is close, very close, to a turn. And this is a very clean count. Since my S&P Diagonal count doesn’t really corroborate this GOOGLE count, I am going to take a fresh look elsewhere. I haven’t tried to count the Russell 2000 daily in awhile, but I was able to come up with a clean count pretty quick that corroborates the GOOGLE count. The count shown is down from wave 2.
11/16/20088:48 PM Pacific
$RUT
If I try to align the S&P up with the Russell 2000 I can get a technically correct count with less than ideal symmetry. However, I am going to assume the Running Flat from the previous reports, and target 800ish as the end of wave 5 by not trying dissect the wave down from 4 other that to identify the low on 11/10 as wave (3) of 5.
11/16/20088:48 PM Pacific
Again, I am aligning the S&P with cleaner counts in GOOGLE and the Russell2000. I also get a count in the $COMPQ similar to that of the Russell 2000 (not shown). The diagonals work in a lot of ways, but they take us lower than what some key stocks and counts in other indices are showing. After a fresh weekend review, I am going to align with them. I no longer expect a new high before a final wave lower. I expect that the turn that will launch a major rally is not far below. The Diagonal moves to the alternate thesis position. I do not expect the current rally in the futures to get above 89211. TMD/DW The market detective provides personal market opinion based on sound technical analysis and research. However, no warranty is given or implied as to its true reliability. The market detective will make errors and mistakes. The market detective is not an investment adviser and is not making recommendations to buy, sell, or place orders relating to the futures contracts, ETFs, or stocks that he writes about. The responsibility for decisions made from information contained in this service are solely that of the individual subscriber. The individual must fully research and make his/her own
11/16/20088:48 PM Pacific
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