Looks like wave 4 red is not complete yet and the market may be working on wave c of 4.
Yesterday, I mentioned the possibility of counting five waves down off the 4/2 high. I did not get a chance to post that last night. If this is still a wave 4 of the red ED option, the sell off here cannot exceed 1391.56.
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| SPX - 5 Min |
Note I do not really like the look and count of wave 1 of a. So I believe it is better to label this a wave a vs a wave 1. How
Wave c=a at 1395.
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| SPX - 60 Min |
Watch the trend lines here. Something to keep in mind is the green alternate due to the triple -ve MACD divergence.
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| ED Complete Option |
When I first began tracking this
ED option last week, this is how I initially had it labeled. I'm not completely comfortable with the form, however, this does not break the rules so we must be mindful of this option.
If this is in play, a swift move back towards 1340 would be anticipated.
