|SP500 Potential Count|
Such a count from Minor 5, of a three-wave minute ((a)) wave down, and a three-wave minute ((b)) wave, up, would likely have prospects of retracing all of Minor 4, and / or more. (Remember: read the double-parentheses as 'circle' from here on out). This could would mean that all of Minor 5 of Intermediate (3) would be complete if the count holds. Let's see if it does.
If the ((b)) wave count has a 50% probability, the count that has the other 50% probability is that this up wave would go on to finishing a third wave of a diagonal count, but that higher high would have to happen tomorrow or the next day, and before 2283.97 was over-lapped downward. (This count is given slightly less odds because a diagonal following a triangle would be quite rare.)
By-the-way, here's how that potential inverted Head & Shoulders in the Dow Jones Industrial Average 30-minute chart worked out that I provided in a previous post (02-Feb).
|DJIA 30-Minute Inverted Head & Shoulders Meets Target|
That's likely the last one of those I will be calling in this market.
I would also keep my eye on Crude Oil, as it broke below $52 today. See my year-end video on You-Tube for some expectations.
The next few days will be very critical to determining short term market direction. So now is the time to pay attention and to remain patient & flexible.
(Remember, nothing posted here is to be taken as trading or investment advice. The patterns and wave counts are for education only.)
Thanks and have a great evening.