SPX - 60 MinOk. I wanted to see a confirmation to the hammer reversal at 7:30. So far it appears to be that way. Does it qualify as a bullish engulfing hammer?
I have to run for the next several hours. I hope to be back before the close.
If not, I'm still watching the 1171 and 1159 levels for further signs that a top may be in. Until they break, I'm leaning towards working higher in a wave [5] of the ED.
GL!
8:00 AM Update
SPX - 5 MinHere's the 5 min update.
7:28 AM Update
I am feeling more confident about this count as long as those key support levels hold. Based on this count, wave [4] retraced [3] 50%.
The hourly is sporting a very large hammer. Just need to get confirmation now the next hour.
Notice that once again, the market has found a way to climb over that pink ascending trendline?
6:58 AM Update
I believe this may be the most relevant count at the moment.
6:43 AM Update
So far, if this is still wave (4) of the ED, it has retraced (3) 62% and wave y of (4) is 1.618*w of (4).
Pre Market
Pre market action suggest that a top may be in at the moment but we need further confirmation. I would like to see wave ii red at 1167.25 breakdown first and ultimately 1155.55 where I have wave 4 labeled.
The cash equivalent levels are 1171.71 and 1159.71. A bounce near 1180 would make wave iv of the ED retrace wave 3 62%
