Scribd
Upload
54 views

The Stock Market Update: September 11, 2012 © David H. Weis

The document discusses projections for the S&P based on point and figure chart analysis. It identifies three potential targets for the S&P based on congestion lines on the chart: 1454, 1464, and 1468. It notes that the 1468 target would confirm the earlier 1464 projection. Currently, the analysis suggests prices are nearing an overbought condition based on the position within advance channels on daily/weekly bar charts.

Uploaded by

satish s
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
54 views

The Stock Market Update: September 11, 2012 © David H. Weis

The document discusses projections for the S&P based on point and figure chart analysis. It identifies three potential targets for the S&P based on congestion lines on the chart: 1454, 1464, and 1468. It notes that the 1468 target would confirm the earlier 1464 projection. Currently, the analysis suggests prices are nearing an overbought condition based on the position within advance channels on daily/weekly bar charts.

Uploaded by

satish s
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 1

THE STOCK MARKET UPDATE                                          September 11, 2012                              

 © David H. Weis  

Since last Wednesday, I have mentioned a point & figure projection of 1454 for the
S&P. I have alluded to other counts as well. Based on 30-minute continuation data,
I have two other counts generated from different congestion lines. The tight congestion
across the 1308 line projects a rise to 1464. More recent congestion formed along the
1396 line prior to last week’s breakout. It calls for a move to 1468. In the Wyckoff
lexicon, the second target is called a “stepping-stone confirming count.” It confirms the
earlier projection. Similar action occurred earlier this year between the counts made
from the 1408 and 1360 lines. The counts made here are not extreme. If I extended the
congestion leftward eight columns across the 1308 line, it would call for a rise to 1560.
So we have a target to fill everyone’s appetite. How do we know which target will be
fulfilled? I look at the market’s position within the channels on the point & figure chart
as well as the daily/weekly bar charts. At this time, they suggest prices are nearing an
overbought condition within the advance from the June low. I know in this day of
algorithms and hf-trading point & figure charts are considered passé. I find them to
be indispensable, but, like everything else related to trading, there’s an art to it.

www.WeisOnWyckoff.com                  [email protected]               Tel 617.489.9155   

You might also like