RUTThey say RUT is leading but what it may be leading is towards the completion of a wave 4. It's possible SPX is doing the same here. Both are near a relevant trendline and approaching their respective daily MACD trendline support. We shall see.
RUTHere's one on repetitive patterns. I posted this in the chatroom a while ago. I don't think I ever posted it here. I'll try to find them an post the series as the patterns were playing out.
[4:11 PM Update]
Cup and HandleRemember this chart? I think this is what may be going on. It's a pretty bullish pattern and count. The degrees will have to be changed though if this is what is playing out.
Minor 5 Option - PrimaryThis is what I believe to be the primary at the moment. It makes sense considering the choppiness of the waves. I have drawn in some interesting and possibly relevant trendlines.
I believe a wave 4 triangle may be playing out. It's still possible a flat is playing out as well. What I'm thinking is that this wave 4 will conclude right near or at the MACD trendline support.
Internal count for the Primary.
This is the bear count. We have five waves down for a wave 1 and currently working on a wave 2 retrace that may be steep, which would be a little suspect. It's not a rule breaker but would certainly be suspect.EOD Update
There was just too much chop. It makes me believe there is a really good chance a triangle may be forming as presented last night.
Once again, I'll be watching this chart next week with the option labels.
Gotta run for the day. Hope to post more charts later over the weekend.
