ChartsEdge (US equities) map for 10/14

ChartsEdge BP chart for Oct14

Posted: October 13th, 2009 | Author: Mike Korell |
Filed under:One-Day Market Map | No Comments »

Thanks again, Mike and ChartsEdge! Folks - maybe the Intel hurrah will be short lived?! Anyway, remember the map's time coverage is during the market open hours.

Added notes, 7:56 a.m.: So we're closer in price to the 1096/1097 projection made by Tony Caldaro, and within the time band of October 12-14 made by Terry Laundry. And Andre Gratian has made projections similarly, with his independent analysis in his weekend report (updated to his subscribers intraday). Of course, these are several projections, not guarantees. Myself, while I see the wave count marking Tony Caldaro put on his SPX chart - and I should defer to his expert wave counting - I fancy the idea we finished a 4th wave yesterday and started wave (i) of the 5th wave with today's gap up part of the internal third. Then again, I was hoping for a nice diagonal wedge to finish the entire "b" bear-market rally, but we don't always get what we want. Should I take time, rather than price and/or wave count, to say when the top is in? Well, I'd gladly take time plus pattern, or price plus pattern. Meaning, I've seen time windows extend a bit in the past, so i'm keen to see the wave count make sense for a top before saying it's done.

Besides, there's the dollar index which didn't tag even 74.75 yet. Would enjoy seeing that, maybe this morning. As for the VIX, we'll see if it pokes a hole in the floor or just uses a rap from it (maybe at the lower Bollinger Band) to rise up again inversely to what the ChartsEdge BP map suggests.

The ChartsEdge Pattern Recognition is at their subscriber site, so (like yesterday) may give the nuances that help steer more precisely intraday. To wrap up, folks, as always - careful out there, and happy market navigating!