1888,6 Slowly drifting away... wave after wave.. slowly drifting
If 1888.6 was the top... which it seems to be from my viewpoint - then this EW-count shows the approx targets for the bearish wave-count wave 1 down
With EW - hindsight gives the clearest insight - cos a bull sees a building bull flag here having SPX in a wave 4 pennant working on the c-leg. ;)
The correction could also come as a double zigzag if we are to see new highs after this correction. BUT if you believe that the bull market is over and 1888.6 was the top - these 5 waves down is plausible.
The many up and down days in the last week of trading gives reason to assume that a 3rd wave down is on its way. First sign of a conformation of this EW-count will come when 1830,4 (last low) is taken out.The second comes with the break of orange trend line. I see 1740 area as the target for this bearish count.
******This count has to be revised if what is shown as wave 2 up - instead is a truncated 5th wave.****
First sign of this is if last high at 1875,4 is taken out.
But as always time will show
Safe trading ladies and gents!
BM
Music at work:
open.spotify.com/tra...f3GyLEAzJXxZ5mbCPXTu
www.youtube.com/watch?v=pUjE9H8Q...
With EW - hindsight gives the clearest insight - cos a bull sees a building bull flag here having SPX in a wave 4 pennant working on the c-leg. ;)
The correction could also come as a double zigzag if we are to see new highs after this correction. BUT if you believe that the bull market is over and 1888.6 was the top - these 5 waves down is plausible.
The many up and down days in the last week of trading gives reason to assume that a 3rd wave down is on its way. First sign of a conformation of this EW-count will come when 1830,4 (last low) is taken out.The second comes with the break of orange trend line. I see 1740 area as the target for this bearish count.
******This count has to be revised if what is shown as wave 2 up - instead is a truncated 5th wave.****
First sign of this is if last high at 1875,4 is taken out.
But as always time will show
Safe trading ladies and gents!
BM
Music at work:
open.spotify.com/tra...f3GyLEAzJXxZ5mbCPXTu
www.youtube.com/watch?v=pUjE9H8Q...