The wave structures I see in the market

    Posted by matt on 28th of Apr 2020 at 11:27 pm

    $SPX - Chart Link- here's a 2hr chart showing a detailed wave count. This is the scenarios I'm leaning toward. The bullish case is the lows are in and we can count 5 waves up which is wave ((1)).  The Bearish case is this is ((A)).  A waves and 1 Waves have 5 waves in them so it's either or.  

    In the short term however both point to a pullback coming soon once wave 5 is completes. It's possible that wave 5 completed already of either wave ((1)) bullish scenario or wave ((A)) bearish scenario. Remember both of these waves will have 5 waves. However I lean to today's pullback being a sort of wave 4 as you see with another move higher in 5 to complete ((1)) or ((A)). Once complete you get a pullback either wave. If it's a bullish wave ((1)) structure then you will get a wave ((2)) pullback which will be a pretty good correction.  After that then you would get a wave ((3)) up to make new highs.  Under the bearish structure you would eventually retest the lows or make new lows but could form a higher low wave ((B)) then another wave ((C)) up, or something more complex like a triangle 

    either wave in the very short term I'm watching for this wave 5 to complete then will get some sort of decent correction under both scenarios, even the bullish one. short term however I think we push higher to complete that sub wave 5 (2935 - 3000 area) and with all the earnings still coming this week that would help push it.

    CLICK HERE to watch the video

    Thank you Matt - your

    Posted by tahoe on 29th of Apr 2020 at 11:05 am

    Thank you Matt - your thoughts and details are most appreciated! good luck and good energy going forward.

    Much appreciated --stated so clearly,

    Posted by winter39 on 29th of Apr 2020 at 10:05 pm

    Much appreciated --stated so clearly, avoiding surprises.


    amazing work....

    Posted by arun on 29th of Apr 2020 at 10:57 am

    amazing work....

    Agreed!!! Kudos to Matt, Steve

    Posted by tahoe on 29th of Apr 2020 at 11:07 am

    Agreed!!! Kudos to Matt, Steve and the team.

    Does anyone know how to

    Posted by 24kau on 29th of Apr 2020 at 10:15 am

    Does anyone know how to save this chart to my own Stockcharts favorites and retain the annotations?

    Excellent educational post/video.  Thanks!

    Posted by rfmathis on 29th of Apr 2020 at 10:09 am

    Excellent educational post/video.  Thanks!

    Very useful. Thank you for

    Posted by sham22 on 29th of Apr 2020 at 06:16 am

    Very useful. Thank you for this. Can i ask about the Precious Metals Miners ? most of my portfolio is in this. If SPX goes down, will they diverge or trend down together. With GDX at new highs and all. Your opinion is appreciated @matt

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