The end-of-month seasonal provided additional punch from the re-test of SPX 1040 yesterday. I count abc either complete or c wave 1st of 5 complete.
There is good resistance at the 90-minute M/A 
So, we have an abc that appears complete and I1 bottoms tomorrow. I am flat futures, 6% QID which I will sell on weakness. The bottom is probably in so I will not hold out for a new low.
your possible 1 of 5 count could be a Leading Diagonal, maybe that's how you are counting it because waves 1 and 4 overlap.
ReplyDeleteI don't see overlap. Numeral 1 is right over the orthodox 1st wave top. Futures overlap much more routinely than cash anyway.
ReplyDelete