SP "FADED" from the top 3 or 5 waves down?

FX:SPX500   S&P 500 Index
Chart is done...worked.. Price has moved on Thanks for the thumbs up!!!

Corrective waves is a-b-c and not 5 waves.

I was looking for a 3 wave retrace down for a b-leg retrace, but looks more and more like a 5 wave structure.

Time will tell. Remember this instrument is a derivative of the SP500             .
Therefore expect some differences.

Fear not... believe what you see and trade it.


Long until friday...see here for further: https://twitter.com/BLawrenceM/status/598128210719674372
Bought longs: https://twitter.com/TBLtraders/status/598123395935555585
+1 Reply
Sold shorts https://twitter.com/BLawrenceM/status/598123181002592256
Sold short... now long: https://twitter.com/BLawrenceM/status/598122077447704577
ABC possibly done..see notation on chart: https://twitter.com/BLawrenceM/status/598099334429802496
will I trade sp500 with 1 hour timeframe???
Well I'm looking for clues of direction which eventually should establish confirmation zones. If you are not a very skilled trader I recommend you wait trading it until there is fully confirmation of direction. You could end up trading and not really gain anything but using your money on commision.
Welshman99 WallStScalper
Hello. I'm new and certainly not experienced, but isn't it acceptable to have a leading diagonal as an "a" wave.?
The problem in using this instrument is that it follows the ES_futures so the view of trend lines is distorted over night . Push play on chart and you'll see. That said ... a clear abc has formed.. see my chart underneath Thanks!
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