ES/SPX: In view of tomorrow's FED speak, I have laid out 3 diff
counts. The preferred is the recent top as sub (i) with a Fib 50% retracement for sub (ii) of 5. The alt 1 count is more bullish with the recent top counted as the wave B of sub (ii) of 5 (flat) with a small down of A=C to complete sub (ii)flat of 5. Alt 2 is the most bearish with the expanding megaphone wave IV still in play.
The important thing to realize is that no matter what the FED decides to do, all three counts will come with a down leg. The extent of the leg down will depends on what comes out of the FED's meeting. Take care folks.
The important thing to realize is that no matter what the FED decides to do, all three counts will come with a down leg. The extent of the leg down will depends on what comes out of the FED's meeting. Take care folks.
Comment:
Alternate 1 A=C target has been exceeded. However, alt 1 can still be in play with an expanded flat.
Comment:
Comment:
Revised count