There are some Elliotticians looking at the current trend as an expanding ending diagonal wedge
UNLIKE the graph above indicating an expanded flat with the next big move as the MOST IMPORTANT
"C" wave due, imo, in the next 7 trading days as correlated to the energy descriptions that I will publish below.
Previously mentioned is the possibility for a run to just shy of 1370 today which would indicate as DANERIC has postulated could end the wedge, but he seems very reluctant to show anything like the above, thus giving the bull more credence at this time. Even with that, he shows any decline as muted.
just use my link on the main page to view his blog.
NOTE the MONEY FLOW chart above seems to show the potential for further deterioration in stock prices coming soon. Not the graph on the left shows waves 1,2 &3 down now making a 4th wave.
THe chart on the right shows just now anemic this rally from the 17th @ 1318 really is, and also emulates
the same wave count as the left.
THE DEBT limit issue has NOT even scratched the surface yet, and once it begins to get attention, it should become a greater problem for traders.
NOTE the FLOW of stock prices rather than the exact dates
HIS 20th low = 17th actual
next hill = May20th as we should see it today
note the next big move is DOWN till May 31st
|May 31st = BEST BUY OPP|
THE FLOW OF STOCK prices has been excellent following the Jaywiz chart above
ignore the 30th as its Memorial Day, but consider it June 1st, thus making the 31st the BEST BET for
an important pivot low.
MY CONCLUSION -This is NOT the TIME to lose sight of the MAY trend
Today = growth & success
Monday =difficult & severe moods
Tues = stressful & emotional imbalances
Wed= Obstacles & stubborn oppositon
Ths = DONT jump to conclusions
Fri = unyielding conditions & adversity
Tues 31st =mixed signals~~ tread water
Wed June 1st = Make agreements & comittments
Ths June 2nd = UPBEAT early but expect changes mid day
its now almost 9am.