Cash wave counts upmove complete. Pima, you still think we have 4th in progress? I just don't see that.
Selling SP futures at 1177.50 and 1166.50 stop.
The move down is starting to look a little deep for a 4th wave. Also the angle of descent is steeper than what is typical for a wave 4.
However, the way I'm counting the recent move up is that wave 1 finished Tuesday at approx. 1165 (SPX cash price). Wave 2 was a sideways correction (you'd probably call it a rectangle), so we would expect wave 4 to be sharp. IF wave 4 is still unfolding, it certainly satisfies the "sharp" requirement.
Unfortunately, until the wave 1 high is broken (SPX cash 1165), I can't say for sure that wave 4 is not still unfolding.
Steve et al, look back to April for how this may play out: flat today as day before options expiration then down tomorrow then back up next week before selling off again into the flash crash Charles
You tellem Steve! Set Pima straight! no 4th!
ReplyDeleteWatcha think about that jobs report
The move down is starting to look a little deep for a 4th wave. Also the angle of descent is steeper than what is typical for a wave 4.
ReplyDeleteHowever, the way I'm counting the recent move up is that wave 1 finished Tuesday at approx. 1165 (SPX cash price). Wave 2 was a sideways correction (you'd probably call it a rectangle), so we would expect wave 4 to be sharp. IF wave 4 is still unfolding, it certainly satisfies the "sharp" requirement.
Unfortunately, until the wave 1 high is broken (SPX cash 1165), I can't say for sure that wave 4 is not still unfolding.
Steve et al,
ReplyDeletelook back to April for how this may play out: flat today as day before options expiration then down tomorrow then back up next week before selling off again into the flash crash
Charles
Did UUP just fill a gap with a gap :)
ReplyDelete