Wow. I have a headache. Those were some squiggles today.
In the end, I counted the waves incorrectly. It sounded like a good idea in the beginning. At least it was determined as the day progressed that we were seeing some type of wave iv developing. The main give away was it's sideways action.
So I'm going to move forward and not worry so much about the squiggles because the little thrust we had at the close most likely signaled the beginning of wave v (most likely minuette). This would bring to an end wave 1 of a higher degree. Again, I'm still going to remain neutral on what degree I will label these waves for now.
I have placed some Fibonacci percentages on the chart to provide guidance for where I think wave (i) of P3 will end. Notice on the chart, wave v of (i) of P3 equals .618 x i at 988. This lands perfectly at the neckline.
And of course getting ahead (because it's fun to try and figure out where we may go), I noticed a nice 61.8% retracement of this leg down would place price at approximately 1020. I say that will be the length of wave (ii) of P3. I believe 1018 is a over resistance as well.
Things that I'm thinking about. Will wave v take the entire day to develop? I'm not so sure. If so, does a go jobs number on Fri spark a mini rally for wave (ii) of P3. Perhaps the Friday before a three day weekend may add to that as well. How long will wave (ii) of P3 take to develop?
If we break through the (W)-(X) line that may be bearish and possibly head lower than anticipated?
MORNING WAVE, YOUR FRIEND KNNY IS WITH ME(OH!), HE SEES A CORRECTION FROM THE "TOP".
ReplyDeleteMAYBE AS YOU SAY ON OTHER INDEX COULD BE REGARDED AS IMPULSIVE, BUT TO ME NOT ON SPX, I THINK WE NEED A BIG BANG BEFORE WE GO DOWN, BUT WHO KNOWS, MARKET IS A BIG LIAR.EVEN BIGGER THAN ME
THIS IS LIKE WATCHING A PAINTED WALL TO DRY...
ReplyDeleteDO YOU KNOW ANY JOKE? POST IT!