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| S&P 500 Cash Index - Hourly |
The only salient message on the chart, so far, is that wave blue .iv stopped in the vicinity of the prior fourth wave, brown -iv. There are actually several ways to count this sloppy overlapping wave. In any case with it's higher -b wave, it is a FLAT wave, and it alternates well with blue wave .ii in both shape and time, being much longer in time that wave .ii. And, the downward movement 'could' be over with.
Can the down wave go lower? Yes, there is a way to still continue the down count if a full 38.2% retracement wave is to occur. It doesn't have to.
But, we said the down wave would likely attack the lower channel line, and it has. This puts more of wave blue .iii above the channel, showing where most of the upward momentum is. So far, this up wave has consumed 13 calendar days. A Fibonacci interesting number.
Have a good start to your weekend.
TraderJoe
The SPX topped at 2792, and the following mess till 2761 can be counted perfectly as a leading diagonal 1, 2, 3; Monday would usher in the most impulsive of this expanding diagonal sequence, the W-5.
ReplyDeleteYes, but it can also be counted as an Expanding Ending diagonal c wave which would end wave blue .iv, as a FLAT, if a lower low is made, and particularly if it holds around 38%.
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