Friday, January 23, 2009

Triangle may be the shape of S&P500, equities and VIX

My musings this morning about a triangle may be the right idea. We can examine this weekend whether it's looking like a B-wave triangle before going down in C of a zigzag that would complete an ending diagonal wave 1 as I described in my morning post here. Meantime, here's how it may look (see my triangle trendlines on chart) for the SPY etf, and it's consistent with VIX "in the corner" on my VIX chart:




**Update: PS - I am posting updated charts of TLT, USO for oil, and others, at my UBTNB3 site. For TLT, I've got a potential C=A at 105 - not saying it's the only way to measure it, and this weekend will look at other measures including Fibonacci retrace levels and the Bollinger Band. But 105 would be the first place to look in my opinion (and then after that, possible Fib. extension if this is wave 3 after a wave 1 down).

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