With this wave count I'm at the moment bearish looking for a move down. Have made a wave 4 into wave 1 violation and at a 88,6 retracement. It does look bearish if this is the right wave count Safe trading Ladies & Gents @BLawrenceM
BUYING THE DIP after an almost 100 handle deep 5 wave down !! EW ma's 13 and 34 making a bull cross - might indicate a BTFD at red c. But also indicating that we might only see a corrective 3 wave move up. If corrective 3 wave ABC up pans out it should be a 88.6 retrace. (Making the right shoulder of an IHS at orange B) SP did make a 5 wave down so a corrective...
Looks like Fed is setting the market up for a pop on there announcement later today at 2 o'clock. Market would then have made a perfect ABCD correction (yellow lines) at the 1.272 fib and looks like a 3 drive to a bottom at the same time (green lines). We would at the same time have seen a gap close Fisher looks also ready for a bounce making a possible divergens...
Smells like a diagonal being formed together with a gab close ending up with a Bearish Gartley being formed. I recommend hands of until clear signals given Safe trading ladies and gents BM