Primary wave X (or IV) could still be on going... This could be one more alternative among the various possible, some of which much worse...
Since the all time high, I'm counting three sequences of impulses with overlapping between them, fitting well in an expanding flat scenario.
For complementing the notes on the chart, I want to point out the following: a) At the moment, RSI is showing bearish divergence. b) ATR keeps following an opposite direction of price's, meaning the real trend only emerges when price declines, a behavior verified since March 2009.
Maybe the count is correct and the correction is finished or about to finish.
It is now appearing to me as C will take two times the time of A. A little bit of pseudo-fundamentals to say that the US Government will use its high frequency trading strategy to push up the market till the elections.
Price and time potential targets for the completion of a double-zigzag.
Although the current rally has taken the index to new all time highs, it has been contained in parallel lines and has been challenging the base of the channel instead of its top, therefore it seems weak and, until proven otherwise, I consider it to be a potential corrective ABC wave instead of an impulse (as it appears to me has been happening since year...
... let's plan the downtrend. The daily Ichimoku is showing an alarming bearish setup: - For the last 7 days, Kumo (future Cloud) has been flat and completely squeezed (at 2058), meaning a big move is ahead. - At the 8th day (today): - A weak bearish Kumo twist is taking place. - A strong bearish T/K cross is occurring. And this is happening with price...