Wednesday, October 19, 2016

Right Look

While there are still no major overall changes to the count - I'm still expecting the SP500 to trade below 2111 in the next several days, during live chat today, the diagonal count was updated to be the following, even though the level of 2149 was not exceeded higher.

SP500 30-Minute Adjusted Diagonal Count for the Right Look

The only reason for this change is that it provides a potential diagonal with more of the Right Look for a diagonal. There is only the smallest of a truncation for wave minuet (c) of minute ii (circle ii), and the diagonal would have looked 'strained' if wave ii were at the 2149 level.

This count does allow the 2149 level to be exceeded slightly if the up wave to (c) of minute ii is not completed yet. But, it is very possible that it is because we counted out a very small ending contracting diagonal in perfect form on the five-minute chart to v of (c). So, I'm expecting downward movement tomorrow, overall.

Hope you understand!

1 comment:

  1. TJ, very good work and thank you for doing that. As an alternate, would you see we have this large descending triangle alternative given all these 3 waves and slow moving action?