Monday, September 21, 2020

9/21/2020 - EOD Update

 Looks like we finally have our wave c down of y and as I was suspecting 3232 was tagged. Buyers came in formed a hammer so we'll see if wave c of y is complete or near completion. 

I eliminated the Alt 2 count and left the Alt 1 (red). The primary count has wave c of y nearing completion with wave (v) of c of y to come. If the market rallies higher tomorrow, wave (iv) cannot cross through wave (i) at 3330.39. Doing so would confirm that wave c of y completed. 

If Alt 1 is still playing out, then more selling should be expected since that would imply a wave b bounce followed by a wave c down to complete the alternate wave y.

There is a falling wedge look to this on the daily and hourly so maybe a short term bounce is in store to challenge the 50 day moving average. From there we will have to see the reaction.

SPX - 5 min

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