Matt / Steve -  an image would probably make things easier ?

Thoughts on this - written as above

Matt / Steve in todays newsletter - please can you cover the potential options for wave counts

I also wanted to get your thoughts on this - 

It seems that on the 60 min SPX - we had a big move

Wave 1 - 6147 to 5504

Wave 2 - small bounce 5504 to 5785

Wave 3 - big drop - 5785 to 4835

Current bounce 

This bounce could be either primary up wave 5 or primary wave 1 down …

so evaluating this recent bounce from 4835 to 5477 for structure - it seems like this is a 3 wave up not 5 wave as we have a 1-4 overlap with move down today

So that would be a Wave 4 ?

Drop from 5477 - is this a wave 5 playing out with 1-2 completed and a dump coming tomorrow ?

I am short so I guess I am biased - would love your neutral thoughts - I work full time so trade on 60 min or higher chart 

That would be very helpful - I struggle with how to choose it and which candle top and bottom to use for it …

thank you !!

This is an alert about BPT Mechanical Systems:

Hello everyone, wild volatility continues

Anyway regarding the mean reversion systems, yesterday the CCI system exited for nice wining trades, while the Bear Long system stayed long.

Today the Bear Long on both SPY and MES futures hit an intra day stop (called a fast stop).  That said, prices are currently above the price where the systems exited, on SPY it closed out at 521.02, and price is currently 524.58 therefore prices are MUCH better than where it exited.  One could simply close the trade out here or hold it longer if you think the market can work higher and simply place a stop.

For MES futures the system closed out at 5250, however price is now 5307 or 57 points higher.

What I'm going to do for the website is as follows: 

I'm exiting 1/2 of the SPY position, and keeping 1/2 with the stop.  For MES futures I'm exiting one of the contracts at current prices and leaving one on with a stop at 5260

15 minutes ago - sorry jammed here 

No,  but you can start by using the search button here in the trading community and reviewing many of the prior examples.   I did a summary awhile back that you can find with the search function here as well.   I will review some basics in tonight's newsletter. 

Steve do you have any good resources for learning how to draw supply/demand zones? There's so much info out there on the internet that it's hard to determine who's actually teaching something correctly

ES did manage another test of 5290 and big response for you degen traders 

Stalled again at 5347 - done for now as I have some other projects to focus on

ES runners printing here on that FVG entry at 5290

Amazing guidance steve. Thanks for sharing

Quick bounce off 5290 (FVG) and 20 points fast 

FVG = Fair Value Gap on 5 minute chart 

Sorry - I have no idea of what you mean with a wave 2 - trade the zones (there is a bullish break in structure from yesterday) and one needs to trade against as I have shown on the SPY 30 minute.  Buyers responded from my zone.   Please post an annotated chart showing your thoughts.  Lastly, put the EW counts to the side and focus on zones/levels as EW is simply mapping not for triggers. 

SPY - Chart Link- very nice move from highlighted demand zone!  All posted well ahead of time

Fibs are guideposts but true buyers are found at zones.

Thanks so what would we need to watch for to determine if this is a LD vs this bounce from 61.8 retracement is a wave 2 of the final wave down ? 

Simply put - a massive trade at stated level on QQQ - you want to see price remain above 

Yes but could be a diagonal (LD) as part of an impulse if move up to new highs

Matt / Steve - So since we broke the 5267 level, and there is no 60 min divergence at the bottom - so this means a wave 1-4 overlap so the bounce from last few days has been corrective ?

Is that the right way to look at it ?

if so does that mean one more wave down to be expected ?

Steve - after close please do share how to interpret this ?

ES reached last posted zone and some give back - very fluid action as has been the case