After this session the waves were more clear and suggest SPX is doing wave iv since monday. So i expect at least one more high to finished this wave i of C (conservative count) or C of Z of P2 (Infernal count).
Another alternative count, SPX made a triangle and finished wave iv this morning.
The Nasdaq100, for many people one of the leaders of the markets, has serious resistance on 1630 area. In the weekly chart you can see how many times that value was a key value in the past.
Lets take a closer look:
For me, this is good news ;). We beat the resistance and is now acting as support.
Best to your trading
PH
I think those markets will make new highs tomorrow or Thursday. Closing long positions there, may be a good strategy. After that, at least a little correction is expected. P2 could be ending too, so be careful.
Best to your trading
PH
Just a little update of the transportation friends.
Best to your trading
PH
Change a little my primary count but after this wave iv again i expect new highs.
As everybody know, until August 31 i'm on vacation and enjoy some beautiful days in Algarve. Therefore, don't be surprise if i miss any dialy or intraday update.
Despite this SPX is at his final wave C of this bear market rally and at short time is doing wave iii of wave C. My primary count suggest SPX may do 11xx's and P3 may began at middle of September (see my Table "Fibonacci ratios"). For now is early to short SPX and i will be wainting the end of wave iv of C to began short.
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