Thursday, September 24, 2020

9/24/2020 - EOD Update

Since my last post, I suspected that the market was leaning towards a rally and back test of the 50 day moving average. Over the next two days it attempted to rally towards the 50 day but fell short at 3323.35. The 50 day was at 3348. 87.

From a primary count standpoint, my corrective W-X-Y pattern completed with today's opening low. However, my red Alt count is still in play because the bounce off the AM low only looks like a three wave bounce, which would align with a wave b of Y (red) bounce for the alternate. 

That wedgie pattern remains and if the primary count is to remain in the pole position, this would imply that the bounce off the AM low was a nested 1-2, i-ii wave and a iii of 3 wave rally is in store at the open tomorrow. Otherwise, for the red Alt count we should expect an opening sell off that has wave c of Y = wave a near 3160

We shall see.


SPX - 15 Min


SPX - 60 Min