QQQQ wave count updated

As expected, the Q’s continued in a corrective fashion to the $46 level (denoted as the grey line in the previous QQQQ wave count).  Only future price movement will tell us whether the entire “B” is over, or if we are working on a little “a” of “B”.  I would expect a bounce reasonably soon.

6:09 PM

SOHU

Ok, forget the past, something will happen out of this

8:09

SPX

What do you know? The obvious wave count got wrecked, as usual.  Now wave count wise we could be putting in an ending diagonal C wave or expanding diagonal C wave, or a more complex double\triple three.  The wave count in shorter term situations is usually purely academic in my opinion.  Most wave users have to change their count several times before the final count is in.  How long has Prechter been calling for the “big one” now?  I don’t even care if he calls it right eventually, he missed the biggest bull market in history!

9:38 AM

Wave count

Here’s most likely what everyone’s counting. Like most wave counts, this will work until it doesn’t.  We’ll see if this “4″ wave overlaps.

10:17 AM

Predictions hit

My QQQQ target was hit, longs should should have taken profits at the designated spot, up 10%+ from the 7/19 fractal.  AAPL played out pretty well, +7% in a couple of days, the last wave was expanding instead of contracting but the fractal posted played out as anticipated.  More on that later.  As for the Q’s I need to watch it some more for more guidance.

10:06 AM

AAPL fractal

7:01 PM

QQQQ

Up nearly 5% since the original post of this fractal on 7/19.  It’s still too early to tell if the second fractal plays out.  AAII was already nearly even last week, but not at extremes.  I don’t rule out new highs, even though it would be ludicrous … in the end we have no idea where and how much paper the Federal Reserve can blow out. For now, it wouldn’t surprise me if the .618 (QQQQ ~$47.80; Nasdaq Composite ~2400) was hit, or slightly higher.  We will see if anything progresses to indicate whether this is counter trend or trend.

6:56 PM

SPX

Triangle fractals (right side chart) could spell top, we need to see how it reacts at possible support (green line). Obviously the QQQQ fractal posted yesterday wouldn’t work if this plays out, at this point I’m still unbiased as to the direction that we will come out of this.

8:58 PM

SOHU update

The fractal first posted on July 19th gave you quite an excellent roadmap for the next few moves in SOHU…

8:22PM

WYNN

Interesting setup on WYNN. The right chart shows the most recent retracements with candlesticks, both .786 at this point.  I will be watching for this to possibly fail tomorrow or next week.

8:02 PM