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Monday, March 2, 2020
Monday Update (3/2/20)
Wave [5]-down (red) did not materialize in SPX cash. The blue [ABC]-down survives. Chart 1 updates the current tracking counts. SPX has regained 200SMA, is still shy of its overhead gap (Chart 2).
MTUs comments yesterday about ambiguity on the the larger count is to some extent right but we need to consider also in a general sense given the distorted patterns seen since 2009 in the EW count that this selloff the past week might be part of a large wave 4 seq. It is a remote possibility. It will depending on whether intermediate trend is still intact.
I would also say I do not know where you are getting some of these counts from as I have no idea where this red [5] you refer to above comes from. If it is coming from a software program like GET etc ... it will be based on the programmers skills. A lot of mkt people I have observed dont understand wave 3 or 4 seqs and the types of alternating patterns that can form. Even waves 1 2 & 5 can be thrown out.
Tues 3 Mar closing peak peak appears to be wave [4] and [5] is in progress.
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MTUs comments yesterday about ambiguity on the the larger count is to some extent right but we need to consider also in a general sense given the distorted patterns seen since 2009 in the EW count that this selloff the past week might be part of a large wave 4 seq. It is a remote possibility. It will depending on whether intermediate trend is still intact.
ReplyDeleteI would also say I do not know where you are getting some of these counts from as I have no idea where this red [5] you refer to above comes from. If it is coming from a software program like GET etc ... it will be based on the programmers skills. A lot of mkt people I have observed dont understand wave 3 or 4 seqs and the types of alternating patterns that can form. Even waves 1 2 & 5 can be thrown out.
Tues 3 Mar closing peak peak appears to be wave [4] and [5] is in progress.
Thanks, the red [5] refers to the now invalidated red one in chart 2 in the 2/28 update
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