In my weekend post - while most web-sites were counting the crash about to come, this site was more concerned about 'properly' counting a nested ((i)), ((ii)), (i), (ii) and provided a trend line that should not be crossed if that was going to be the count.
Both in the futures and in cash, that line was crossed - more markedly in cash that in the futures, but still in both. You can see that the dotted red line in the chart below, was not only crossed, upwards, it provided support for an up turn later in the day.
|SP500 Cash Index - 5 Min - Diagonal|
The chart above is of the S&P500 cash index, because the futures in this case are less plain. But here you can see that about the only way to count a down structure out of these waves is as 'one diagonal'. The diagonal is inside of the green lines with the lower lows of (i), (iii) and (v), and the overlap of (iv) with (i). This could be minute ((i)) in the cash index, and in the futures or it could be the end of a down wave because it is a diagonal.
Again, it does not look like we've had a ((i)), ((ii)), (i), (ii) - just wave ((i)), down, at this point, and working on wave ((ii)), up.
Clearly, we are not crashing, yet, as so many suggest, although we may at some point. If you look at the daily chart of the futures, all we did was back-test the most recent up trend line from the lows. Readers of this blog should draw that line for themselves, and see where it comes in.
Have a good start to the evening.