If we do have an ending diagonal (ED), then we should be in the 5th wave of the ED, and in the B wave of that 5th wave. That B wave itself looks to be comprised of an abc zigzag where the a wave was the sharp move down at the open, the b wave is in progress, and the c wave should begin soon. If this B wave of wave 5 of the ED is indeed a zigzag, then the c wave of that B wave should take SPX to a price that's below the LOD (below the end point of wave a because that's what zigzags are supposed to do)
The move down this morning I counted as a 5-wave. That's why I'm short. C should end not far below A, but the jobs report comes in the morning playing hob with plans. Staying tiny short.
Steve
ReplyDeleteWhats a Single e-mini DJ future?
Jack C
It's a 1/5th size DJ futures contract. Traded on the Chicago Merc as YM.
ReplyDeletelong or short?
ReplyDeleteIf we do have an ending diagonal (ED), then we should be in the 5th wave of the ED, and in the B wave of that 5th wave. That B wave itself looks to be comprised of an abc zigzag where the a wave was the sharp move down at the open, the b wave is in progress, and the c wave should begin soon. If this B wave of wave 5 of the ED is indeed a zigzag, then the c wave of that B wave should take SPX to a price that's below the LOD (below the end point of wave a because that's what zigzags are supposed to do)
ReplyDeleteThe move down this morning I counted as a 5-wave. That's why I'm short. C should end not far below A, but the jobs report comes in the morning playing hob with plans. Staying tiny short.
ReplyDeletesmall a and small c above.
ReplyDelete