Tuesday, May 26, 2020

5/26/2020 - EOD Update

Looks like the market had a few more squiggles to go and as I suggested on Mon 5/18, I suspected maybe the market hits 3k first. For da bulls, if today's pop finalized wave 1 of (3) of (5), we should look for that wave 2 to be bought.

For da bears out there this shows a completed zigzag.

The battle is now at 3k. We'll see. 

SPX - 60 Min

Wednesday, May 20, 2020

5/20/2020 - EOD Update

Looks like five waves up for wave 1 off my wave (2). If that is the case, then I would expect wave 2 to retrace 1 somewhere near the 50% retracement level, which would also fill that gap below on 5/18. I don't show it below but the 38% retrace lines up with the 20 day SMA as well.

SPX - 60 Min

Monday, May 18, 2020

5/18/20 - EOD Update

Didn't get a chance to post a Fri update. As I posted recently, we had to keep in mind that wave (2) may have completed as a flat and so far the market is giving that option a pretty good probability of playing out.

SPX -  60 Min
I apologize but my 60 min chart is getting pretty busy with the labels. To keep it simple, the daily chart has this breakout as wave 1 of (3) of (5) for the bullish count. If wave 1 is done or when it completes (maybe tags 3k first), wave 2 should properly retrace one in that 38-50% zone.

If the larger bear count is playing out this would represent wave 1 of c of (b) orange.

SPX - Daily

Thursday, May 14, 2020

5/14/2020 - EOD Update

Got that gap down and looks like that wave 5 completed. The bulls stepped in to save 2800.

The market completed an 80 some point reversal to launch what appears to be a wave ii of c of (2) bounce.

Keep in mind the alternate options I have presented recently.

1.  It's quite possible wave (2) completed with today's completion of five waves down.
2. The more bullish alternate is still in play so long as 2727.10 holds. Not sure how much credence to give this but it is certainly an option. 

SPX- 5 Min

SPX - 60 Min
The daily below for a wider view.

SPX - Daily