New all time high for SPX. So what does that tell us? Well, on a bullish perspective it is and should make a complete 5 wave pattern, and only if we see a shift in an impulsive manner to the downside do we initiate a CIT. As for the bears, one may think that this is a dagger to the chest. Well, not so... As with EW it is always in constant motion and so are the possibilities of the counts. As the waves develop and patterns get crossed out others appear. In this case we could see a potential C wave down even with this move higher in the SPX as noted in the 15min chart below.
MT: DOWN
ST: UP
PA: NA
I mentioned a while ago that volatility will warp the accuracy of the ST, and the clustering of it on our 60min chart shows just that. The eventual clarity will show itself but for now I have to believe that patience will pay off.
60min Bullish Count:
15min Bearish Alternative:
No comments:
Post a Comment