Neilbob
Short

SPX 500 EW count is nearing invalidation (again) 2585

SPCFD:SPX   S&P 500 Index
4 can not enter 1. reaching critical area. RSI is weakening. Will be critical next few days on this count.

Comments

Consider the possibility that wave C is trying to form an ending diagonal. The move down to green 3 is wave 'a' of the decline, now trying to form wave 'b'.
+1 Reply
Neilbob kunsan
@kunsan, struggling to see the ED, do you mean expanding ending dia.
Reply
We'd have to see most indices open flat to down tomorrow for the wave count to hold up. If not, back to the drawing board.
Really hard to see how the current wave up is not a corrective wave (wave 4 as you label it). No clear impulse structure within it as far as I can see (at least not yet). So.....expecting that 2580ish line to hold tomorrow.

Reply
CryptoTA4U CryptoTA4U
@CryptoTA4U, However, we did see the NASDAQ exceed the invalidation level (by a wick) for the similar wave count today, so maybe this won't hold up.
Reply
Neilbob CryptoTA4U
@CryptoTA4U, thoughts about this?

Reply
CryptoTA4U Neilbob
@Neilbob, That is pretty much how I see it now:
Reply
Neilbob CryptoTA4U
@CryptoTA4U, really nice looking chart. Do you really feel just ABC, and not 12345, to A
Reply
CryptoTA4U Neilbob
@Neilbob, I always start by charting the corrective sequence as A-B-C, but then modify as the correction deepens (this is at least how I was charting the BTC crash). I start with ABC looking for bounce points where C might terminate, then as the market shows more and more intense bear tendencies, I look for how this might fit into possible larger 1-2-3-4-5 down patterns.
If I start 1-2-3-4-5 down, I fear I bias myself too much. If I plot A-B-C, then see that there is no clear impulse out of C, then we can start to consider if we really actually have a 1-2-3-4-5 pattern. However, if I plot A-B-C and then after C we have a good bounce that fits with an impulse wave up, then we can consider that maybe a new 1-2-3-4-5 pattern up may start.
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out