It's a good time to review the higher-degree tracking once more.
Short term, a head-and-shoulders pattern successfully played out over the past week. We are looking at the green [c]-up or a reversal (see the higher-degree tracking above) with a potentially failure in the blue (c)-up of [e]-up.
SPX - you cannot get a readable EW count on this index anymore because of the component mix. Maybe on the larger waves at times but not the smaller to medium.
ReplyDeleteYou really should put up the 20yr and 90 yrs charts.
CHART 1 - Blue 1 & 2 should be shifted right.
ReplyDeleteAnd you need to do the count if the entire move from 2009 is a large B wave (ie a-b-c).
probable a-b-c, the question is - is c extending
Deleteprobable five-up, at 5 now