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Ichimoku_Trader
Jul 11, 2017 8:25 AM

Coming soon... Short

FX:SPX5001M
S&P 500 index of US listed sharesFXCM

Description

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..

Comment

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We've entered the drop zone...

Comment

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Looks like a perfect call to me...

Comment

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My initial analysis for this chart was that we finished wave 3 of 3 and are now in wave 5 of 3

I now think that we are now in wave 3 of 3 and I'm expecting wave 5 of 3 to come soon

Only after that will we see a deep retrace (W4) before we break above the previous highs

So this shouldn't be too deep of a drop for now
Be vigilant at fork support

Maybe I'll do a chart soon

Comment

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Here's what I see for now..

Trend Analysis
Comments
Gluckmann
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Agreed, SPX like to correct to the kumo or just below the kumo
Ichimoku_Trader
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@Gluckmann,

Thanks
ananora23
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it IS perfection Ichi!!!....the only thing that could be more perfect than that is another chart showing where the meltdown might stop lol lol lol
Ichimoku_Trader
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@ananora23,

Look at the fork
It has the answer

I'll try to make a chart to clarify more soon

ananora23
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@Ichimoku_Trader, yes I get it thank you but I would never pass on a clarification chart. Much appreciated Sir!
PP-Guy
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I appreciate your efforts and looking forward to your NQ chart. I am focused on the NQU17 only at this time. My current opinion is that the 5852/5853 level is key due to the last intermediate swing high on 6/26/17 and the Gann square of nine cardinal at 5852.25. If this level is broken then a test of the current high is probable.

Conversely IMHO a close below 5795/5776 level would be bearish, only time will tell.
Ichimoku_Trader
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@PP-Guy,

For the NASDAQ, I became hesitant to do a chart after a friend asked me this question:
Do you think that if the S&P goes down NASDAQ will go up?

I am not a believer in correlation however...

So every time I look at the NASDAQ chart and I see that unlike the S&P the NASDAQ is actually in wave 5 .. I try to think to myself, how could this happen in reality and I assure you that it will happen God willing

So here is the situation as I imaging it will happen:

NOW NEXT NEXT
S&P (wave 5of3of5) (wave 4of5) (wave 5of5)
Nasdaq (wave 3of5of5) (wave 4of5of5) (wave 5of5of5)

So as you can see they will be moving together although there is a difference in the magnitude of the waves
That's what I think now. I could change my mind as things unfold

I'll let you know
Ichimoku_Trader
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@PP-Guy,

and here is a chart explaining the next move for the NASDAQ as I imagine it
Ichimoku_Trader
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@Ichimoku_Trader,

Sorry wrong chart
Ichimoku_Trader
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@Ichimoku_Trader,
I'll do the Right chart tomorrow
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