Chas - that is one way to interpret the decline which would
represent a larger wave 1 or a down followed by a wave 2/b bounce
then down again. If it's truly 5 waves down then we should see at
least another leg down. It's really choppy and thus open to
interpretation and best to simply follow your triggers until more
evidence unfolds. There is a potential HS top developing on the SPX
15 minute chart with a rising neckline around 1311 to monitor (see
SPX 15 post that follows).
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Chas - that is one
SPX 5
Posted by steve on 29th of Jan 2012 at 09:54 pm
Chas - that is one way to interpret the decline which would represent a larger wave 1 or a down followed by a wave 2/b bounce then down again. If it's truly 5 waves down then we should see at least another leg down. It's really choppy and thus open to interpretation and best to simply follow your triggers until more evidence unfolds. There is a potential HS top developing on the SPX 15 minute chart with a rising neckline around 1311 to monitor (see SPX 15 post that follows).