Hi friends.
I've been monitoring spx in detail to look for a sweet spot to enter with my last 25% position. Did not work for half a point or something. Once the job is done, i decided to post it here. For now, everything seems to align with our recent posts. Yesterday's move looks really impulsive.
Best to your trading
PH
Appears wave B already finished today in cfd's charts.
Now, C waves usually respects certain Fibonacci ratios based on A price movement. With that in mind the final targets for this final wave C of Z can be:
Wave C of Z = 0.618*a = 1070 points;
Wave C of Z = a = 1127 points;
Wave C of Z = 1.618*a = 1218 points.
Hello there.
Let's talk about irregular correction ABC's. An irregular correction is when the "b" wave tops higher then previous wave "a" high. This is a perfect bull trap because when we think the market will move higher, he starts correcting on a tremendous "c" wave down.
Now, "c" waves usually respects certain Fibonacci ratios based on "a" price movement. It can be:
c = a
c = 1,618*a
c = 2,618*a
With that in mind and assuming that the nasdaq is making an irregular corrective abc, with a little math c = 1,618*a=75,07 points. the market has done 76,4... pretty close.
Best to your trading
PH
Todays action seems like a small correction wave since the yesterday lows. So at least i expected one test until 96x's-97x's.
After some hard weeks, finally the wave patterns were more clear and suggest one flat wave in this wave B.
If you like this chart: https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiAPt-zBZht5M_SlhWLiDH8hyphenhyphenHN_s5Y4pB2NjsOaLcMaSIIlWoIvu_C7ulPpVHYcEhay5W-SxYvJWGRQP0__xJ3E5RKJh7mUha9F-yoiOdzXGL4q_voDXzScsvtWX0npTTpTUodY285OOcM/s1600-h/spx-1.jpg it's possible the top were already made at 1018. However, for now i will prefer count this wave as "B" (the label suggests a corrective wave) and waiting for one last wave "C" to finished this rally since the March lows.
Since several weeks SPX is inside various corrective combinations so the patterns are not clear. Despite this my primary count (new medium term count) shows SPX is doing a final wave of this bear market labelling an ending diagonal. My alternative count suggests SPX still inside wave B doing a double zig zag (old medium term count).
P.S. Until the end of the month i will be on vacation but i will try update all days the SPX count. Best to you trading.
No time for any chart but we are in the same swamp as the previous days (weeks) so a lot of different readings are still possible. The diferent valid counts are:
Wave B doing double zig zag (old count in the big picture); wave b of v of v (last count in the big picture); possible triangle.
Hello friends.
In the sequence of my weekend update i leave you the Dow transportation index chart. I think rose wave 4 is done and that we have started a final sequence of waves. Plus, there's a pretty nice channel that deserves "maximum respecto" ;)
Best to you trading
PH
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