$SPX - Chart Link - here's two valid
labeling's of the wedge on the 60 min SPX. Possible that we had a
completed wedge, or
$SPX - Chart Link - if you shift wave a
lower, the bounce end of day could be wave d and we get an
overshoot to the downside as wave e then a reversal. Which honestly
wouldn't surprise me here because it fits more with having another
scare first.
here's an image showing a 3 and 2 min ES chart - notice that
bounce which caused the MA ribbons to pinch from a bearish
configuration and at the same time you had a bearish rally
designation on the cycle chart. Was a good short. Futures
dumping again ES down 80
Posted by racerick on 19th of Mar 2020 at 01:53 am
LOL, was listening to newsletter, just saw this. Went long at
about top of your last candle on your updated chart around 1am here
at 2293.75. Just moved my stop up to 2290. Will see if it
get's any legs.
Update - 2:20am - out at 2252, taking my points and going
to bed. Got the regression line and 200 on 5min overhead here and
it's been a long day.
the first wedge just seems too easy, gotta get another dump and
overshoot most likely to cause the most pain. Wedges very
often overshoot to the downside in headfakes.
we'll see...the 2100 area 2130 - 2200 is a big support zone
Newsletter
Subscribe to our email list for regular free market updates
as well as a chance to get coupons!
SPX 60 min wedge important
Posted by matt on 18th of Mar 2020 at 08:54 pm
$SPX - Chart Link - here's two valid labeling's of the wedge on the 60 min SPX. Possible that we had a completed wedge, or
$SPX - Chart Link - if you shift wave a lower, the bounce end of day could be wave d and we get an overshoot to the downside as wave e then a reversal. Which honestly wouldn't surprise me here because it fits more with having another scare first.
Still plenty of room in
Posted by kevindeng0727 on 18th of Mar 2020 at 10:00 pm
Still plenty of room in that wedge for price to go lower
? that was the whole
Posted by matt on 18th of Mar 2020 at 10:17 pm
? that was the whole point of the post
Yes, that was adding to
Posted by kevindeng0727 on 18th of Mar 2020 at 10:25 pm
Yes, that was adding to your second scenario haha. Thanks Matt.
here's an image showing a
Posted by matt on 18th of Mar 2020 at 10:30 pm
here's an image showing a 3 and 2 min ES chart - notice that bounce which caused the MA ribbons to pinch from a bearish configuration and at the same time you had a bearish rally designation on the cycle chart. Was a good short. Futures dumping again ES down 80
updated chart - you had
Posted by matt on 19th of Mar 2020 at 12:02 am
updated chart - you had a second shorting opportunity again on the second MA ribbon pinch and bear cycle
LOL, was listening to newsletter,
Posted by racerick on 19th of Mar 2020 at 01:53 am
LOL, was listening to newsletter, just saw this. Went long at about top of your last candle on your updated chart around 1am here at 2293.75. Just moved my stop up to 2290. Will see if it get's any legs.
Update - 2:20am - out at 2252, taking my points and going to bed. Got the regression line and 200 on 5min overhead here and it's been a long day.
the first wedge just seems
Posted by matt on 18th of Mar 2020 at 10:25 pm
the first wedge just seems too easy, gotta get another dump and overshoot most likely to cause the most pain. Wedges very often overshoot to the downside in headfakes.
we'll see...the 2100 area 2130 - 2200 is a big support zone