It's getting close either way. I am expecting a thrust out of this triangle most likely Monday. This triangle will be considered wrong if the market takes out subwave A (red).
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| 10 min EOD |
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| Daily Preferred EOD |
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| Daily Preferred |
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| Option 4 |
I wanted to share this update of option 4 (I have a few). This one favors the bears. Notice C(blue)=A(blue) at 1153.
Overall, there are several bullish and bearish counts which indicate that we may head to 1140-1150.
Almost forgot to update you all on this one as well.
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| SPX Long Term |
10:40 AM Update - Looking like a legit triangle. I believe subwave D is in progress but there is room to interpret that it is complete. MACD is looking bullish here for a thrust out of the tri.
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| 10:40 AM |
9:14 AM Update - Ok. I lied. Here's a quick 10 min chart. Maybe in a wave 4 triangle.
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| 9:14 AM |
9:00 AM Update - Ok. Last update for a bit. The action continues sideways, which leads me to believe I may still have to move my [X] and [Y] labels. We'll see...
8:55 AM Update - A possible 1-2, 1-2 setup for wave v up.
8:50 AM Update - A possible truncated 5th. We'll see. A break of 1118.89 will confirm this.
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| 8:15 AM |
I believe this is the correct count, especially because we didn't see a subwave e for the triangle. Either way, it really doesn't matter since it is a wave 4 nonetheless and we are looking for a final 5th wave up to complete this large impulse.
The 1140-1150 target still applies as posted here (see bottom chart)
