Arguments for 2 being done:
- Pat McNeill: Full Count – Nov. 5
- http://marketthoughtsandanalysis.blogspot.com/2009/11/more-wave-2-thoughts.html#comment-22004443
- Columbia: Thursday Updates
- GoodVibe: SPX Update
Arguments for 2 continuing tomorrow and going up to 1070-1075:
- binve: More Wave 2 Thoughts
- http://marketthoughtsandanalysis.blogspot.com/2009/11/wave-2-projection.html#comment-21962209
- PUGridiron: Nov 5th, 2009: EOD - Tracking Along Well
The problem is (of course) both options are very viable. From my conversation with Pat McNeill:
Yeah, I agree, it is a conundrum. Today can be counted as a complete 5. So is it an A? Or is it a C one degree higher and the completion of 2?
Wave 1 lasted 8 days
So my projection above is for Wave 2 to last ~5 days (~62%) and to retrace 62%. And it looks proportional and would top out right in the middle of resistance.
Or Wave 2 is done now (~3.5 days or 43% - close enough to 50%) and retraced 50%. It also looks proportional and is topping out in resistance
...... Stupid ambiguous correction. .... :)
Yeah, I think your count is absolutely viable and proportional and I think my projection above is also viable and proportional. So I guess the only thing to do is to be patient, add to shorts if it goes higher, and wait for a nice impulse down to show up :)
So be patient and wait for the channel break. However, the nice thing about a slightly higher move up tomorrow is that is makes the right shoulder (of the potential H&S setup) very nice and proportional to the left shoulder. So if I am "rooting" for a count, that's the one I would like to see :)
BTW, Alphahorn has a great Head and Shoulders Setup post: H&S back in play
