[9:45 PM PST UPDATE: IWM]
[5 PM PST UPDATE: 3 MIN COUNT]
IWM - WEEKLY
I posted a few IWM charts in the past which turned out pretty well, at least so far. Check them out here. This may be a good sign for the bears or my (Y) blue is off and should be labeled the way I have it for the SPX.
Don't you just love how the old resistance line was pretty solid in anticipating a turn, not to mention the count, the Fibonacci ratio between wave C of (Z) to A of (Z) and the head and shoulders target? Pretty darn amazing.
I guess from the bull perspective, one would have to hope that the neckline acts as support for a Minor B (if using the SPX count).
We shall see.
[5 PM PST UPDATE: 3 MIN COUNT]
SPX - 3 MIN
[3 PM PST UPDATE: 3 WAVE STRUCTURE]
SPX - 60 MIN PREFERRED COUNT
SPX - 60 MIN PREFERRED COUNT OPTION
SPX - 60 MIN BEAR OPTION
Here are my counts at the moment. I'm showing a possible ending to minute [i] of Minor C. As you can see on the top chart, I have my usual gray alternate labels as well.
If the first count is correct, we may be working on minute [ii] down with a target at the open gap below. It fits in well with a 62% Fibonacci retracement.
If the alternate option plays out, I show that wave (iv) is not in yet and may be working out a larger flat towards 1143. 1143 = c=1.618*a. Refer to the second chart for the count on this scenario.
Hi Grand. Reluctantly, I'm starting to come around to your way of thinking here. I took a look at some banking and consumer discretionary sectors on my blog tonight, and they all sport three wave declines with deep retraces. That said, most look ready for a short term pullback before one last lunge higher.
ReplyDeleteBlankfiend. Thanks for stopping by and as always the thoughtful comments. I hear you brother. As I posted a few weeks back I capitulated and it has helped me greatly. I find that many are still hoping and wishing for P3. I just don't buy it yet. I don't believe that we will not have time to take advantage of any future declines. But that being said, I just updated this post with my IWM count. It looks pretty bearish ;) GL!!
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