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| SPX - 60 Min |
Friday, May 8, 2020
5/8/2020 - AM Update
Still waiting for wave b of (2) to complete and still keeping an eye on the more bullish alternate.
Tuesday, May 5, 2020
5/5/2020 - AM Update
Wave b of (2) complete or nearly complete? Note the bullish alternate is still in play so don't be too committed to the bearish wave c of (2) play just yet.
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| SPX - 60 Min |
Friday, May 1, 2020
5/1/2020 - EOD Update
Looks like the market confirmed the end of the first five waves off the COVID-19 low to start the month off.
On my 60 min chart below, I have that marked off as wave (1). I have cleaned up some of the other counts and will treat these first five waves as wave 'a' for the bearish alternate.
The bullish alternate is that wave 1 of 5 completed. Wave 2 of 5 is underway. This option is ruled out with the break of 2727.10; the wave 2 overlap into 1 violation.
Today's decline so far looks like five waves may be counted. So from the top of this wave structure we'll go with wave a of (2).
Targets for wave (2) is a wide range based off past support and Fib retracement levels. I'm keeping an eye on the 2600-2800 range. I'll have a better idea for projections once wave a of (2) and wave b of (2) complete.
Here is the DOW. Five waves up.
On my 60 min chart below, I have that marked off as wave (1). I have cleaned up some of the other counts and will treat these first five waves as wave 'a' for the bearish alternate.
The bullish alternate is that wave 1 of 5 completed. Wave 2 of 5 is underway. This option is ruled out with the break of 2727.10; the wave 2 overlap into 1 violation.
Today's decline so far looks like five waves may be counted. So from the top of this wave structure we'll go with wave a of (2).
Targets for wave (2) is a wide range based off past support and Fib retracement levels. I'm keeping an eye on the 2600-2800 range. I'll have a better idea for projections once wave a of (2) and wave b of (2) complete.
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| SPX - 60 Min |
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| SPX - Daily |
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| DJI - 15 Min |
5/1/2020 - AM UPDATE
One last hurdle to confirm wave (5) is complete. As mentioned previously, 2844.90 is the level to break to confirm.
The bullish alternate is that that wave 1 of (5) completed with that break. This option would be invalidated with a break below.
The primary bearish alternate is a w-x-y. Working on wave b of y now.
The bullish alternate is that that wave 1 of (5) completed with that break. This option would be invalidated with a break below.
The primary bearish alternate is a w-x-y. Working on wave b of y now.
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| SPX - 60 Min |
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