Just some cool charts to highlight some Fibonacci tools and a confluence at 61.8.
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[9:30 PM PST Update]
I just wanted to re-post this chart at the top here. I mentioned the other night that price was heading back to re-test the long term bear trendline.
Upon further review of my chart, I notice my trendline was off just a tad bit. I made the correct adjustments and low and behold, price kissed it today along with other significant levels.
So I post the following reasons for a minute [ii] top below:
1. THE WAVE COUNTS LOOK COMPLETE
2. FIB RATIO OF v=.618i
3. WAVE y HIT THE TOP OF THE EW CHANNEL AS PROJECTED FROM THE w-x LINE
4. PRICE KISSES AND IS RESISTED BY THE LONG TERM BEAR TRENDLINE
5. FUTURES INDICATING A LARGE DROP AT THE OPEN IF IT HOLDS OVERNIGHT
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[8:45 PM PST Update]
Here's a more bearish view on the e-mini.
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[7:45 PM PST Update]
E-mini is down 12 pts and change now. Looks like a possible wave 5 Ending Diagonal for this first impulse down.
Apparently Asia is red all over. HK is down over 400 pts (2.25%) and Japan is down 1%.
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[3:30 PM PST]
E-mini is sporting a very nice looking impulsive wave down. This was a result of the surprise move by the Feds to raise the discount rate by .25% to .75%.
Looks like the first chart below is going to be the count to go with for now. I know it's long time between now and tomorrow, but I'm pretty sure this is going to hold.
If so, it should open with a iii (black) down. Refer to the 1 Min SPX chart above.
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Still looking for a wave 5 Ending Diagonal. I think that would be fitting for this counter trend rally.
Above are the two counts I'm looking at right now. I'll take a closer look later and make the usual updates.
Gotta run for now.
thank you rtfgvb757
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