Arik,
Thanks for your wave count reply... As it turned out, I believe you were a little closer than me to nailing the precise end to the 5 wave move down that began on 9/29 (after post rate cut spike-up).
I believe we actually saw the conclusion to the 5 wave move at 5:45am Friday morning on the globex session, at the low of 978.5. This ended wave 1 of 3 of 1 of A. We began wave 2 of 3 of 1 of A from there, which has proceeded in a 3-3-5 format. We completed a of 2 at the afternoon high on friday (3:20pm). Wave b of 2 completed at today's low at 1:25pm. We picked up wave c of 2 from there (a 5 wave upmove), and completed wave 1 at 2:15pm, wave 2 at 2:50pm, wave 3 at 3:50pm, and are currently in wave 4, which will probably finish up in overnight trading.
That means we only have wave 5 up to go, before we begin wave 3 of 3 of 1 of A. Time measurments of waves 1 and 3 require wave 5 to complete in no longer than an 1.5 daytime (regular) trading hours. The wave could be anywhere from 8 to 43 S&P points in size. Overseas market activity tonight should be a key determinant.
This targets tomorrow as one of the greatest index short entry timing points of all time, As Mr. Sew says "to be shorted at the high of the day." Got any specific numbers in mind? I kinda like the 1005-1008 area SPX.
Regards,
David
P.S. Are we in sync with this wave count? |
