that would not have been a very convincing wave 3,, with this kind of down move, wave 3 would have huge volume, be much longer than 1,, and absolutely bury the rsi.. which it has not done . yet
I think this is a wave 5 down, and it should go to the double bottom around 1065 by the end of the day. I think many bulls will go long there, and be trapped overnight, only to watch a gap down in the morning. Panic is coming, I believe.
if 1093 doesn't hold then i would move to neutral but I wound be looking to go long anytime soon. My higher time frame counts are severely bearish and I always trade in synergy with the higher time frames. No need to step in front of a moving bus. Plus just look at how the markets have been behaving for the last several months, in the time it takes the S&P to rally x number of points it declines x number of points at a much faster rate. Imo the rallies are only serving as time corrections in out current environment. I am only looking at short opportunities. Just my two cents.
5min and 15min are now getting in line with the 60 and daily…looking good
Thanks. Its going to get interesting.
It's not my chart, and I'm not a EW guy. But it looks close too me. Regardless of the wave count, more selling is coming.
eh Moby….good to see we have some save the whale people out here
that would not have been a very convincing wave 3,, with this kind of down move, wave 3 would have huge volume, be much longer than 1,, and absolutely bury the rsi.. which it has not done . yet
Agreed…
I think this is a wave 5 down, and it should go to the double bottom around 1065 by the end of the day. I think many bulls will go long there, and be trapped overnight, only to watch a gap down in the morning. Panic is coming, I believe.
fwiw my 5min macd just rolled down thats good and the 15min macd h just clicked down…so maybe we go down to the close
Thanks EWE, appreciate your response.
looks like 1093 will in fact hold….. i believe this last hour of trading will be ugly.
if 1093 doesn't hold then i would move to neutral but I wound be looking to go long anytime soon. My higher time frame counts are severely bearish and I always trade in synergy with the higher time frames. No need to step in front of a moving bus. Plus just look at how the markets have been behaving for the last several months, in the time it takes the S&P to rally x number of points it declines x number of points at a much faster rate. Imo the rallies are only serving as time corrections in out current environment. I am only looking at short opportunities. Just my two cents.