With no added pressure from the stock market over the weekend it appears Solana was allowed to rally to almost $60. Provided we go no higher than the weekend high, that price will serve as our first clue whenever we do strike a bottom. Eclipsing that resistance area could be our micro wave 1. However let's not get ahead of ourselves and focus on the bottom. If...
ES futures did not tip the SPX hand too much over the weekend. As of this morning my weekend update has not changed and is fully applicable for this week's trading. Best to All, Chris
Due to plans this weekend I'm writing my weekend updates early for my followers Aristotle is quoted as having said. "It is the mark of an educated mind to be able to entertain a thought without accepting it." I entertain thoughts of alternative patterns constantly, but always rely on a primary count to follow through first and foremost. But with Fridays late...
Due to plans this weekend I'm writing my weekend updates early for my followers Is 4 done? We have a clear 3 wave move into precisely where it should top. I'm not going to prejudge because patterns change. This could turn into a triangle and prolong bottoming. I will remain patient to see what the weekend and Monday holds in store for us...suffice to say...
The overnight session didn't bring us any surprises. As noted yesterday evening, we came right into the ideal area for a wave 4. I am now looking for a wave 5 decent that at the very least takes our the low of $35.30 set yesterday. I would imagine this can take a couple days or more to complete. Although the MACD indicator seems to have reset for a decline on...
The overnight futures are signaling an open right into the 1.0 Fib Extension. Under the BLACK count (which is my primary expectation) we go back down. This would take us into the 3726 area over the next couple of days. From there we would consolidate back into the 3960 area over the course of the next couple weeks. This would be a proper wave 4 as our wave 2...
Today we bounced off of the 3860 area and this is giving time for indicators to reset. This could be the start of our wave iv of C of Larger IV in an "a" wave...or it could just be resetting indicators to make another thrust lower. Until we take out at least 4050 I think the path of least resistance is still down. We look for a consolidation period so we can...
Clearly today's upward retracement off of the $35 overnight low is a micro wave 4 consolidation. The question is, will it be short and shallow or draw out with the potential to reach $53 - $55 in a standard ABC move? For us to get to $53 - 55...I do not want to see price get any lower than $40.25 in the overnight session. A breach of that price could mean ...
This morning it appears we will get that lower open I mentioned in my evening update last night. For this to be come a "Stick Save" I need to see an epic rally today. Something that at the very least takes out 4084.00 and over the next sessions continues to the 4300 level. In the absence of that, we go down. Thee support the way but ultimate area of support is...
Solana price continues to slice through Fibonacci support level like butter. With Fib Confluence in the low $40's one would expect at least a consolidation for price to respect this support area before deciding to go through it. At the speed at which price breaches support I have no choice but to adopt the count of one lesser degree wave 4 bottom which is in the...
Today was disappointing to say the least. When I say I know some of the best Elliot Wave Practitioners on PLANET EARTH, I am not exaggerating. No one was expecting this. The Math at the 1.0 Fib Extension was perfect. WHY GIVE IT AWAY? The problem with today is we lost positive divergence on the daily chart. What does that mean? We go down...is what that...
Today Solana was cut by over 1/3. I personally added to my collection of Solana to the tune of 132.09 at $85.13 on May 6th. I get it, today as brutal. I analyze Solana's price chart in the mornings and the evenings and also on Saturday to do my regular Weekend Update. In total, I have a lot of Solana. So my the analysis I share with my followers is the SAME...
Yesterday I noted that our wave 4 rally came short of the 1.0 Fib Extension Level. Subsequently we have a deep retracement. The 1.0 extension of that if we were to rally comes to the $75-$76 level and represents and ABC move which would be the most common wave 4 pattern. I continue to remain convinced we need one more thrust but into the $50's for a final wave...
The relentlessness of C wave decline or advance is always impressive to observe. This is best viewed on the SPX weekly chart. Now the above chart is an hourly chart...but suffice to say when I say "Today has to be the day!" that's because we're getting dangerously close to losing positive MACD divergence on the Daily chart. First and foremost, trader proponents...
Today we came into the wave 4 topping area just shy of $75. My primary expectation is we head down in 5 of c of C of 4. This is the last low as indicated on the chart. Now I must call to your attention a potential situation to keep your eyes on tonight and into tomorrow. If we do not make a new low and instead go higher tomorrow and SURPASS $75 impulsively...
In yesterday's Evening SP500 Update I posted: "If tomorrow we make a new low, I'm thinking it will be nominal." Today we made a nominal new low but closed green. Tomorrow we need to be in rally mode and make progress towards our first clue that we bottomed. Today's low tagged my lower Fib Level on the nose in the target box and bounced. Let's see if tonight...
When the SP500 opens this morning it appears we have a bounce in progress. Is this the bottom...We don't know yet. But Mr. Fibonacci thinks so. With so much Fib Confluence down in this area, I have to say I'm leaning more so towards a bottom rather than a relief rally. Nonetheless, confirmation is required so we will wait to see what price tells us. As of...
When confirming bottoms, practitioners of EWP should look for patterns that are impulsive in nature that trade above key resistance areas. As of now I have no reason to think we have bottomed. This structure looks like it's needs a proper micro wave 4 and 5 to complete. This whole decline appears to be an extended 3rd wave. My alternative is we have bottomed...