Today is series s2L NORMAL and the SPILL PRESSURE is 3 DOWN .The short term analysis will be in the last paragraph beginning w / HONING.You have 3 iterations of the WEEKLY CHART first sent in early July with the NOAH part 1.
ALL ARE BULLISH counts. You have 1 NANO chart with the preferred count sill Bullish a little bit longer and the ALTERNATE is a TRAIN WRECK FOR the LEAST BULLISH chart above from the perspective a fairly large correction .NO MATTER which plays out the LEAN at the largest DEGREE preferred is BULLISH.
The LEAST BULLISH large picture is one that was touched upon last week as being ASYMMETRICAL. It does NOT violate rules however and there is a precedence of sorts for the and locate count. GO TO YOUR DAILY CHART and locate the move from June 16 2011, to the July. 7 ANNABETH high. It is a truncated 5th at 1356.48 and SPOO 1352.7 written about extensively in 2010 This high IS NOT TRUNCATED nor is it off an EXPANDED FLAT as the June 16, 2011, was ‘c’ of an expanded flat with origin at the Bradley Feb 18,2011 HIGH @ 1344.07. What is interesting is that in both cases we are dealing with STUNTED moves of roughly equivalent length off of very shallow DROPS relatively speaking.
The DROP from 1344 to 1258 was 86 handles and the DROP from 1709 on AUG 2 was 82.2 handles. The rally to the July 7 2011 hi went 98.5 handles and did not take out the ‘b’ wave top at the death of OSAMA at 1370…This rally has traversed 102.38 SPX handles.
THE POINT IS THERE IS PRECEDENCE for this move as the ending of the UP 1074.It would require a SERIES of EVENTS from political failure to Ben easing to make this bear fruit and the there would still be one more very large rally to new highs following the DROP. The DROP would be anticipated to go into the ZONE between 1560 and 1627 AND as long as 1471 HELD the BULLS STILL OWN THE CHART.
THE MORE FAVORED COUNTS are we are indeed doing an ascending TRIANGLE from 1660.33 and we either just complete or have another rally to complete the ‘C” high of the A-B-C-D-E w/ A-C-E up and the B-D down. This count is viable down to appx. 1665 cash 1662 cash–IE the 1651.5 and the 1657 SPOT are very big to this count.
The last chart is the BULLISH ONE where we have not complete minor wave 3 of the (5)up and it is this count that would carry the market to 1768-1840 cash before completion.
HONING- the NANO chart is 5 min SPX with the market favored to have 1 more high which may take until early October but could come this week if the 1681.5 SPOT is not CONVERTED. The best area for the bottom on this as a nano 4 would be between the 1695 cash and HERE just above the 1700 SPX. THE SPOTS are 1689,1693, THE BEN MUST BE AN AWARENESS PRICE at 1695.75,,1697, and of course the 1620.5 SPOT RECOVERED FRIDAY after being SLICED AND DICED ON WEDNESDAY…TODAY is going to be won by whoever ID’s the a.m. turn.—the lean is for that price to be a low.–SPOTS TA ROUNDIES…
FV -6.79 NUMBAHS S2L NORMAL 09/20/ 2013 DEC. contract
PIVOT 1707.6 , 1704.7
S1 1696.3 , 1685.9
S2 1690.3 , 1669.4
R1 1713.6 , 1721.2
R2 1724.9 , 1740.0
MAX H 1730.9, 1756.5
MAX L 1679.0, 1650.6
1693.3-1710.6 Primary, 1695.3-1730.6
1702.0-1719.3 Alternate ,1677.7-1713.0
OPG 1718.8 , 1699.5
H 1718.8 , 1723.5
L 1701.5 , 1688.2
C 1702.4 , 1702.4
By William Blount