This may be one way to explain the corrective threes up.
11:41 AM
4 was a running flat. wave 5 of 5 of (iii) or (i) is underway. 1220-1230 target.
11:34AM Update
11:25 AM Update
I'm seeing a triangle for this wave 4.
10:35 AM Update
SPX - 3 Min
I'm leaving room for a wave (i) up of 5 for this current leg up. I would expect a steeper retracement if that is the case.
10:08 AM Update
SPX - 3 Min
Looks like wave (iii) is still in progress. Nice alternation between 2 and 4.
8:23 AM Update
Let's see what type of pullback we get. Watch the Fibs and the structure.7:44 AM Update
For an intraday trade a good setup may be near. There is a clear five wave move up off the 1183.56 low. That could still be considered the beginning of this fifth wave up so this could only be wave 1 up of 5.Either way, we have five waves up, we should see three down to approx 1202-1205 and that should be followed by five waves up. If it is a pretty clear corrective move down to those levels, a good risk-reward setup based on EW is in order.
7:15 AM Update
7:03 AM Update
This is how I'm counting this at the moment.
Pre Market - It's Not An ED
As of 6 AM PST, futures are up 11 points. If this were the wave 5 throw-over it has now exceeded wave 3 of the ED. Unless I'm missing a larger ED count, chances are we are in a wave 5/X/Y up out of a wave 4/B/X triangle.
1232 may be the target the market is heading for.
