07/12/12 – Possible Wave Count Indicating A Rally??? © ™

INDEXES & INDICATORS

CHART LINK – at StockCharts.

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LAST BUY/SELL SIGNAL

Bought the dip – June 28, 2012 (or anytime in this area was fine)

Sold – (holding long)

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LONG TERM – Up in black 3, chart #10.8

INTERMEDIATE TERM –  Up in blue 3, chart #10.6

SHORT TERM – Up since June 4th, Down since July 5th

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WHAT’S HAPPENING

In the following charts there is a possible finished wave count.  Nothing engraved in stone here just an idea.

07-12-12 SPX FUTURES 20 MINUTE BARS

07-12-12 SPX FUTURES 85 MINUTE BARS

The important part of this count is that the quick move up on July 4th was the rally from step 1 down.  Occasionally you see this happen where the rally following step 1 down makes a new high.  It doesn’t happen frequently but it’s possible.  Now if this is what has taken place, I can make a case where we have completed 5 steps down and a rally should ensue.

Obviously we won’t know the answer to this count until a move takes place, up or down.  Naturally if step 1 is mislabeled that means we have more to go on the downside.  And if we have sub-stepping taking place, the count can stretch further and deeper.

We’ll see.

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CONTACT INFO

Bob@Market-Trend-Observations.com

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