The wave count that i posted in my last update remains in force. Wave 5 is close to completion, but a turn is unconfirmed yet. SPX 1251 is the key pivot to hold at this point. We may have another day or two or sideways consolidation and one more upthrust after the payrolls report, before heading down in earnest. So the trade is still "buy-the-dips" above the 1251 pivot. Whenever the turn occurs, i will post an update at the EOD.
1 comment:
Hi Nav.You show a count (impulse) with a small problem IMO.Your wave 2 retraces too much of wave 1 (more than 61,8%).An impulse is by definition, a power wave.It's not in style with its character, that its very begining should display so much weakness.This of course, isn't something everyone agrees on.Neely has it as a rule (one of many of his), Prechter doesn't mention it, neither did Elliot himself.It just has enough logic behind it for me to ignore.
The way i see it, this wave started the first day of September.A powerfull start is a good measure of a new wave.It's not impulsive to me and i think it has a good chance of developing into a triangle (it's currently in wave C with serious weakness not shown yet but still ahead)FWIW.
Navyblue
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