I'm still thinking we rally this week, but the bounce may be minimal if we are in wave 4. One reason why I think this count MAY be correct - Oil should get a bounce, but a weak one now that it's broken it's monthly trend channel. If the market bounces hard from here, Oil would likely rally with it and get back into it's channel. I could be wrong, but I don't think that's going to happen.
I also think SPX needs another low to create a more defined bull divergence. So this count is on the table. Watch for 3850ish area to take out stops and possibly reverse from there. I see many people assuming the gap at 3900 will get filled this week - if that's the consensus, then it may not happen so quickly.
I also think SPX needs another low to create a more defined bull divergence. So this count is on the table. Watch for 3850ish area to take out stops and possibly reverse from there. I see many people assuming the gap at 3900 will get filled this week - if that's the consensus, then it may not happen so quickly.
