Unfortunately I can't show you the 15 min chart BUT
I have these 2 micro EW-counts to find end target of the SP500 My primary EW-count is an ED (ending diagonal). The wave SP are in at the moment is a wave iii of 5 and can’t exceed the length of wave i of 5 which puts it's maximum at 1564. Thus, we need today an immediately wave iv of 5 drop and it must remain above 1548, as an ED wave iv of 5 can breach the wave i of 5 high of 1557, but can’t break below wave ii of 5.
For the alternate EW-count the wave iii of 3 SP are in can’t turn back now and must therefore not breach the wave i of 5 high of 1557. It needs to keep grinding up tomorrow near 1574.
In short: The way you will be able to separate the two counts are by the wave action right after the opening bell. A drop below 1557 - then watch for the primary to end in an ED at 1565 witch also at the same time is the target for the latest IHS. A continued move up, then watch for the alternate EW-count to end at 1580-1590.
NB! Be aware of - that wave i of 5 could have ended at 1553,03 instead and wave 2 at 1548,25. 0,01 point above end of minor wave 4 low at 1548,24. It does in fact open up for a SHS with a neckline at 1448 with at left shoulder set the 12. of march at 1557. That could be a signal of a top in SP.
Safe trading gents!
BM
Comments
Wes
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sweet call
QuantitativeExhaustion
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need an update.. not sure if we are headed to 1580-90 or topped out here
KevinT
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Now 24 March. Usually, the indices goes up at the last week of March (windowdressing).
CoinedByCrypto
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Ya! I believe you are right. We also have a IHS target with target of a least 1580. I'd say if SP makes a run to test 1563 once again and then a 10 points drop SP will be making a wave 4 pennant ending with SP going higher. At the moment SP on monthly is so overbought, that we have to go back to 1998 to find a similar situation.
I then see the correction will be imminent for April when tax is supposed to be paid in US an companies missing there targets....like Fedex did recently. In other words...If it's indeed is a wave 4 we are seeing now playing out the small correction as showed at top of chart all we get for now and I will close my short position.
QuantitativeExhaustion
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BM... end of next week we might start to trend much lower.
What's your take on the Cyprus news. EU taking out money from Cyprus Banks. That was unexpected.
CoinedByCrypto
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Sorry JR ...been very busy ....but this is much my take: youtube.com/watch?v=7Wj4TTc2TbA. Let's hope we do not see a bank run..... before we are heavily in .... not even shorts...but G-strings :D
UnknownUnicorn18331
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should reatch 1575 at least,,,
QuantitativeExhaustion
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Futures market fooled me I thought we were headed to 1565 first. Looks like we get what you have presented in your latest chart.. Thanks BM