This is a chart representing what I mentioned below if 1065 caps this mini rally. Not saying this is going to happen, but definitely something to keep an eye on.
So what is the market telling us this AM? Looks like overnight the E-mini decided to rally and is indicating a strong open for the market.
The E-mini chart indicates some wedging going on, which may be fitting if (ii) was not complete. The count looks right. The pop appears to be completing subwave e of the wedge. Guess where that upper trendline hits? 1072.
The bottom chart highlights some potential targets for wave C of (ii) on SPX. The red fib lines represent the ratio to wave A of (ii).
Levels to watch:
1065 (overhead resistance)
1072 (c=.618a)
1083 (c=a)
My bet is that 1072 caps this mini rally. If 1065 caps this mini rally, then I see a potential for a clean 1-2, 1-2 count for iii of (iii). Stay tuned for that count if this is what happens.
Have you consider the case of Wave (I} finished around 1072, and an irregular A-B-C correction?
ReplyDeleteWave (I): from 1150 to 1072
A: from 1072 to 1105
B: 1105 - 1045
C: deveolping now
Best regards, AS from Argentina
Hi Grand,
ReplyDeleteWhat a day! I am holding on to the double ZZ theory for (ii) of [iii]. May have one more push to the channel boundary tomorrow. Much beyond that, and you've got to wonder.
Hi AS. I have not considered that count but will take a look. Had a long day at work today so will take a looksie tomorrow. thx for reading and commenting.
ReplyDeleteBlankfiend,
ReplyDeletegood call B. I agree with ur call and the wonder. i have another count just in case mr market wants to surprise us tomorrow. either way, we are close!