Sand Spring Advisors LLC
S&P Hourly "Three Peaks & Domed House?"
November 14, 2002
by, Barclay T. Leib
Chart courtesy of HuttonCommentaries.com
Long-term Sandspring.com readers may remember our 1999 article entitled "Three Peaks & a Domed House" whereby we analyzed the 1999 topping action of the Dow Jones Industrials near its all-time highs in terms of George Lindsay's late 1960's pattern recognition techniques.
On a micro-basis, looking at the current hourly S&P chart pattern, is that another "Three Peaks & Domed House" formation that we spy? Perhaps. Such a view appeals to us because it would leave our cycle turn date of November 7th (that hit with amazing precision despite "bullish" news at the time) fully in place. An alternative path (using extrapolated Fibonacci fractals, but ignoring our cycles) would remain that we are missing one last mis-directional high toward 975 before this market will turn decidely lower once again. We are less inclined toward this latter view than the former path depicted above, but must allow for it.
For traders who like trading short-term noisy chop, with an eventual strong bias to the downside, the balance of the year may aford such an opportunity.
Non-subscribers are invited to access our November 9th article, "Iceberg Risk: A Rumbling Earth & Mortgage Market Malaise," together with our October 4th subscriber-only missive ("The Ancient History of Math, Current Pi Cyclical Rhythms, and The Macro Picture in Europe and Asia in Relation to the U.S"), and other part articles, by signing up for a quarterly Sandspring.com subscription below.
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