[4:20 PM UPDATE : TRIANGLE OPTION]
SPX 15 MIN TRIANGLE OPTION
This is for Steve in the comments section. When I posted the update, I didn't have time to comment on the waves.
The way I originally labeled the waves, wave [4] is assumed to have formed a running flat (though I do have some issues with that since subwave b of [4] should have retraced more of subwave a of [4]).
Anyway, the structure still may be forming a wave [4] triangle as highlighted above. This option will be out if the top of wave [3] is breached.
And the other option I'm thinking of now as I type this is that a proper flat develops. The would require a little high push and then drop for (c) below the end of (a).
I'll try to comment and post more charts later if I have time. I'm just a little busy.
SPX 60 MIN BULL COUNT
SPX 15 MIN COUNT
SPX 60 MIN MAs
SPX 60 MIN BEAR
The counts should be self-explanatory. I'll try to post more a little later. Gotta take a nap!
What type of correction is wave 4 in black?
ReplyDeleteHey Steve,
ReplyDeleteThe way it is labeled at the moment it would be called a running flat (tho technically wave b should have retraced a more). however, I proposed in the CiL that it may be a triangle wave 4 since the thrust out of the upper trendline has not broken above the start of [3]. I'll post a chart in a sec to highlight what I'm talking about.
Thanks for the explanation as I was concerned about the wave 4 viability as labeled.
ReplyDelete