trip.trading
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S&P500 Daily Chart- Sell the 2170 for target 2100

TVC:SPX   S&P 500
283 1 5
Should we sell (c), the 2170-2200 area for targets (d) @ 2100/2080/2050?

So I was puzzling the weekly chart and suddenly it hit me that waves 5 up often show a triangle, diamond or wedge pattern…overlapping waves and anything but a nice and clean, non overlapping 5 wave up structure.

As an example, I will refer to the following time period: during OCT             15 – MAY 15, wave 5 up consisted of overlapping waves and an abcde structure.

And then I thought, what if the Price Pattern of OCT             15 – MAY 15 equals the current Price Pattern –> FEB 16 – OCT             16?

If history repeats once again, wave c up is close to finishing and wave d will take the S&P500             to 2100-2080-2050.

Last time, wave c up lasted 3 weeks and wave d in total 5 weeks (2 down, 1 up, 2 down).

Currenrly, wave c up lasts 3 weeks….Be prepared….

kunsan
4 months ago
Yes, that's almost exactly as I see it. The three wave pattern is slightly more obvious on the Dow. For the rising triangle to be valid, the latest move needs to be a three wave affair where c=a. An alternative is that your wave 'a' is actually where you have wave 'c', in other words the rising triangle is much larger. For that to be valid, the current advance needs to develop into a five, being the third wave up from the 1810 low.
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