From our post at this LINK on Saturday, we said we thought we were making a large ⓑ-3 wave up. That assessment has not changed. This is what the current wave count looks like on the ES/SPY (CFD) 4-hr chart.
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| ES/SPY (CFD) - 4 Hr Close Only - Elements of an Eventual Minor B Wave |
This morning's dump should be watched to see if it nears the lower parallel, and/or holds there or near there. Double zigzags often form remarkably precise parallels - but we know 'this' market.
This is a further reminder that today is the last trading day of the month, with a Monday holiday, and so Tuesday may see the inflows from the typical passive sources we have so often noted (company bonus plans, 401k's, dividend roll-over schemes, etc.). And the Smart Money may try to front-run such sources, but this is not a requirement, sometimes they are patient and wait.
Eventually, the ⓑ-3 wave could reach the upper parallel, and - while likely - that is not a requirement either.
Have an excellent rest of the day.
TraderJoe
I have very very little confidence in almost any count. I hear we are adding 1 trillion of debt every 150 days so the shenanigan meter may be running to hot for counting.
ReplyDeleteThe one thing that I think could possibly be the tell is the bond market.
https://imgur.com/JDRwnTe