Should the market close right around here a very clean daily hammer candle will form right at the 38% retracement of the rally off the 1249 low and regain the trendline connecting the shoulders of the inverted head and shoulders. Keep in mind the daily MACD sell signal will most likely be confirmed today as well.
SPX 15 MIN
Was today's low the end of wave w black and now a larger x wave bounce is in store?
7:19 AM Update
Until that channel is broken to the upside, there is potentially room for one more leg down.
6:44 AM Update
I had this up yesterday in the chat room and it looks like wave c was due. Let's see if this completes wave y.
7:19 AM Update
Until that channel is broken to the upside, there is potentially room for one more leg down.
6:48 AM Update
Given the daily MACD cross, which most likely will be confirmed today, we must assume that a top has been put in. What top still remains to be seen. Here are a few options I'm watching and will update with more later.
6:44 AM Update
I had this up yesterday in the chat room and it looks like wave c was due. Let's see if this completes wave y.
