SPX: Forming Minute Wave 2 or Reactive B Wave
Expect possible brief reaction to Friday's selloff. If a Minute Wave 2 forms it would suggest a full and deeper corrective minor wave Y in my WXY pattern (omitted for clarity- see links below), with a 5 wave impulse.
Minor Wave WXY is part of larger intermediate wave 12345, now forming the intermediate wave 4, not shown, in turn part of larger primary corrective wave D since Jan break.
Alternative hypothesis: continued breakdown from Friday closing price is also quite possible (arrow down from triangle in chart), this scenario would suggest formation of a simpler ABC corrective countertrend wave.
Because of the complex and powerful actionary waves in July and early August, wave theory favors formation of a complex corrective impulse, but let's see what we get.
We will only know the true nature of the reactionary wave after the pattern unfolds. Watch for the pivots. Trying to profit from minute waves is risky and chancy.
As always my amateur analysis is for education and entertainment and does not constitute professional investment advice. Good luck!
Minor Wave WXY is part of larger intermediate wave 12345, now forming the intermediate wave 4, not shown, in turn part of larger primary corrective wave D since Jan break.
Alternative hypothesis: continued breakdown from Friday closing price is also quite possible (arrow down from triangle in chart), this scenario would suggest formation of a simpler ABC corrective countertrend wave.
Because of the complex and powerful actionary waves in July and early August, wave theory favors formation of a complex corrective impulse, but let's see what we get.
We will only know the true nature of the reactionary wave after the pattern unfolds. Watch for the pivots. Trying to profit from minute waves is risky and chancy.
As always my amateur analysis is for education and entertainment and does not constitute professional investment advice. Good luck!
Trade active:
Looks like a global market panic kicking off Sun nite seems unlikely we will see a 2/B wave now probly just gonna tank off if futures indication is valid. Likely headed to S1 at 25125 pivot at 25025 if that breaks will head to 24760. Good luck!
