At EOD last Friday, I mentioned that it was very possible a bounce would start this week. The market answered that call today so far.
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| SPX - 5 Min |
Here is the 5 min view of the bounce.
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| Bear Count |
Based on the bear count, this is the beginning of wave 4 of [3]. Some possible Fib targets are labeled in the chart above.
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| Ultra Bull Count |
If the ultra bull count is playing out, we should expect a impulsive rally from here. We'll see if the bounce off the lower channel will hold.
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| H/S |
Could this bounce just be a backtest of the neckline? If it were to go that high though, the current bear count would be invalidated, so something to keep in mind.
