WallStScalper
Short

1888,6 Slowly drifting away... wave after wave.. slowly drifting

FX:SPX500   S&P 500 index of US listed shares
641 8 0
If 1888.6 was the top... which it seems to be from my viewpoint - then this EW-count shows the approx targets for the bearish wave-count wave 1 down

With EW - hindsight gives the clearest insight - cos a bull sees a building bull flag here having SPX             in a wave 4 pennant working on the c-leg. ;)
The correction could also come as a double zigzag if we are to see new highs after this correction. BUT if you believe that the bull market is over and 1888.6 was the top - these 5 waves down is plausible.
The many up and down days in the last week of trading gives reason to assume that a 3rd wave down is on its way. First sign of a conformation of this EW-count will come when 1830,4 (last low) is taken out.The second comes with the break of orange trend line. I see 1740 area as the target for this bearish count.
******This count has to be revised if what is shown as wave 2 up - instead is a truncated 5th wave.****
First sign of this is if last high at 1875,4 is taken out.

But as always time will show
Safe trading ladies and gents!
BM
Music at work:
http://open.spotify.com/track/5Sf3GyLEAzJXxZ5mbCPXTu
https://www.youtube.com/watch?v=pUjE9H8QlA4
Wall St Scalper
Finishing a ABCD harmonic pattern in the ES - hitting upper resistance channel trend line on daily chart: http://gyazo.com/107d462abdf9b141deaaa323f127b42b
For the count to stay valid the upper trend line hold or further up move could be expect.
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This upper trend line should hold for a continued bearish move:
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QuantitativeExhaustion PRO WallStScalper
2 years ago
looks good..
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WallStScalper PRO QuantitativeExhaustion
2 years ago
Thanks! Now we only need it to play out :)
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In short ...as long as red line isn't taken out - the count as shown is valid
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2use
2 years ago
Hard to disagree with this. Ill revisit this chart several times then. Thanx !
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Looks more and more like a harmonic pattern playing out
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Finishing a bigger ABCD with a butterfly
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