Time Considerations More Examples...
I had also projected two more potential time opportunities for the OEX (one to go long, one to go short) first on December 3-4, and then on or by Dec. 13. Below, I include my work charts from this period. I hope you'll please excuse the coffee stains and chicken-scratch, as these were actual working charts.
I labeled this chart on December 5 right at the start of what turned out to be a nice rally. I wasn't sure at the time, though, how much legs it would have, as I was trying to resolve the wave count from the 684.30 bottom on Nov. 30. I drew a trend line connecting two recent highs as a test, as I studied the wave pattern from the beginning of November, and noted that the overall pattern looked "corrective" and dominated by "threes". At the same time, there was a clear impulse wave up that had formed from the 684.30 bottom, suggesting a still incomplete upward correction that would very likely test and violate the trendline. And, it was consistent with the time estimate for a short-term rally. The figures beneath where I wrote "Upside Targets" shows my calculations for upward price targets and resistance areas using Fibonacci ratios. At this point, the index had yet to achieve even the first level .382 retracement. Another possible top was just above the 736 area, where there was a Minute Wave ii that I labeled. You'll also notice a couple of other labelings I made. The "(2) or (B)" note refers to a top on November 8 in a much larger and unfinished wave correction in the OEX. Some of my other notations indicate my tracking of this still incomplete declining wave.