AMEX:SPY   SPDR S&P 500
90 4 6
Still up against resistance like IWM             . Waiting for a buying opportunity lower, but breaking out over resistance could melt up faster similar to the white count. MACD should break out IF this is the heart of a 3rd.
Here is the possible ED with SPX500 (incl. AH data). Counts like ES1!. Looks like a topping region unless resistance overhead get taken out in a 'surprise' impulsive formation.
Yes, these are hourly candles. I'm not a candle reader so I don't care their ind. candle shape. I like to see the wave pattern and more candles helps versus fewer 'big' candles.
snapshot
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nick.holland78 PRO nick.holland78
Not suggesting short here. Need to be very nimble if you do. Just pointing out that a long entry is setting up on another low when 'everyone else' will be looking down.
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I've been following this count since before I drew the white line. Looks like an ED, maybe of the expanding variety. Need to see a clear 5-wave impulse, corrective retrace holding support, followed by taking out the initial 5-up to convince me minute ii is complete. Lots of 3-wave slop so far.
snapshot
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This has dragged on longer than I'd thought. Looks like we're in an ending diagonal down for (c) of minute ii. Will post a picture in a bit.
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