$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.
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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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