okay, now that we are approaching 78 percent retrace, maybe time to step back a bit.
We could be continuing with the correction of the first wave down from the 1129 (spx) high. The first wave up that occurred Monday and yesterday would be wave A, we're now in wave B, with wave C to follow.
If that's the count, then we are likely in wave b of B, so we'll need another move down (c of B), before we get the wave C up. That last move up (wave C) will likely go to the 62 percent retrace area (1106 SPX cash).
Steve
ReplyDeleteSo what do you think, 300 points down in the DJIA from here before the next correction?
Jack C
looks like SPX want 62 percent retrace. that will be 1095 on the cash index, 1093 on the futures.
ReplyDeleteIf we go much above that price area, looks like we will hit your DJX stop, no?
Will you consider the count invalidated if we go above 62 percent retrace?
okay, now that we are approaching 78 percent retrace, maybe time to step back a bit.
ReplyDeleteWe could be continuing with the correction of the first wave down from the 1129 (spx) high. The first wave up that occurred Monday and yesterday would be wave A, we're now in wave B, with wave C to follow.
If that's the count, then we are likely in wave b of B, so we'll need another move down (c of B), before we get the wave C up. That last move up (wave C) will likely go to the 62 percent retrace area (1106 SPX cash).