How's this for a simple look? The count looks pretty clear like this.
I've also marked some levels that should act as pivot points/support areas over the next few weeks.
I wanted to add an updated chart for the SPX histograms. In my post yesterday, I wanted to give it one more day to see if there was any follow through with a change in trend based on the shortened histogram.
It's a good thing I wanted for confirmation for the reversal because it didn't come. Perhaps the fact that price didn't tag the upper trendline may have been a key signal that momentum was waning and the direction change was coming.
Here is an update on the MACD weekly chart. Notice the sudden drop in the histogram? MACD is bending ever so more towards a cross through it's signal line. Based on this analysis, we may be a week or two away from a minute [iii] pullback.
try (iii) where you have (v).
ReplyDeletethat's my theory for now.