Yeahhh... baby dig that rare bird the 7th Elliott Wave. These used to be once in a decade structures, now we got two within six months if this plays out.
It did this in November. This is a distribution pattern. Just when you think the damned thing is gonna bull, it rolls over again... and again... and again.
Monday 18th ought to finish bearishness if this pattern prints. Be real careful about getting big long before this is confirmed to be done.
Last 7th wave down ended 3 Dec. It waterfalled real good. Don't be caught in it. HOPEfully the bearishness is over but be sure before you plunge!
Called this post Neutral cause indicators are in the middle and direction is still unclear in spite of the encouraging rally on Tews' Day. GLTA!
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well well... filling in the chart... pivot soon imo, mon/tues. If we get another 50-pip drop Monday it might pop EOD, or Tues from the wedge tip.
Thanks be to God for small favors, I could not take another session like this one Friday fgs.
Enjoy the holiday, Happy Easter!!
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FYI JN: Painting inverted H&S; left shoulder back on 1/27 was 13,352, we closed right on it 4/14. could pivot anytime now imo
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Flipped calls back in cash. At rejection zone 4450; can it break out?
Totally agree. Looking to see this turn the corner soon.
dRends35
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So it’s a WXY?
DaddySawbucks
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@dRends35, no, it's a 7-wave impulse. There is no WXYXZYX tool in my box so I improvised with two of these. these are unusual, but a 9-wave motive is also possible, although quite rare...
dRends35
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@DaddySawbucks, A WXY is a lower degree 7 wave connected by an X wave.
dg78
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Thank you for the post. Wondering if we get significant sell into today's close. Looks like I'll be looking at "charts and chains" this weekend.
DaddySawbucks
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@dg78, omg it sold like Hell EOD, I tried a lotto on a dozen calls in powerhour, turned into sourhour, owtch! puts did well though, eh?!
tacosaurus
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im kinda there with you on limited upside for SPX -- maybe see a gap fill here in a bit to 4480, but after that, meh. However, SMH and NQ look like they are getting to press "launch" to me on the 4h, 1d charts. What is your take there?
DaddySawbucks
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@tacosaurus, aye when the daily goes oversold, soon imo; it's painting an inverted H&S we on the right shoulder atm; left shoulder back on 1/27 was 13,352, we closed right on it 4/14. could pivot anytime now imo