Wave 4 is typically 24% or 38% fib retrace of wave 3. That
last little rip off the SPX lows (24% retrace) broke intraday
symmetry to upside. seems like a really short timeframe for a
pullback, however - does that imply that 38% retrace is still in
the cards, down to SPX ~4063?
I view it in the same way. I wave referring to wave 3
completing, with a minor pullback in 4, and another push in 5. this
was the first pullback since wave (3) started breaking out the
wedge. Now wave a down might be done, and up in wave b of 4.
Other option is that Wave 4 was an expanded flat from 4127.66
high - another option to consider. QQQ has yet to break
structure as it held above yesterday's lows unlike SPY and IWM.
Posted by timebandit on 4th of Apr 2023 at 01:26 pm
Yes, and Nasdaq volume breadth has been weaker: between 2.5 to
3:1 negative versus 1.5 to 2:1 negative on NYSE. So I am wondering
whether that will now correct or if there is another leg down that
QQQ will lead
Wave 4 is typically 24%
SPX consolidated 4080-91 yesterday
Posted by te22 on 4th of Apr 2023 at 12:45 pm
Wave 4 is typically 24% or 38% fib retrace of wave 3. That last little rip off the SPX lows (24% retrace) broke intraday symmetry to upside. seems like a really short timeframe for a pullback, however - does that imply that 38% retrace is still in the cards, down to SPX ~4063?
I view it in the
Posted by junkie on 4th of Apr 2023 at 12:53 pm
I view it in the same way. I wave referring to wave 3 completing, with a minor pullback in 4, and another push in 5. this was the first pullback since wave (3) started breaking out the wedge. Now wave a down might be done, and up in wave b of 4.
Other option is that Wave
Posted by steve on 4th of Apr 2023 at 01:16 pm
Other option is that Wave 4 was an expanded flat from 4127.66 high - another option to consider. QQQ has yet to break structure as it held above yesterday's lows unlike SPY and IWM.
Yes, and Nasdaq volume breadth
Posted by timebandit on 4th of Apr 2023 at 01:26 pm
Yes, and Nasdaq volume breadth has been weaker: between 2.5 to 3:1 negative versus 1.5 to 2:1 negative on NYSE. So I am wondering whether that will now correct or if there is another leg down that QQQ will lead
Still need more unwinding on
Posted by fredsaid on 4th of Apr 2023 at 03:21 pm
Still need more unwinding on the QQQs me thinks.
is QQQ leading by 1
Posted by junkie on 4th of Apr 2023 at 01:23 pm
is QQQ leading by 1 day?
Agree...seems too short in terms
Posted by fredsaid on 4th of Apr 2023 at 01:15 pm
Agree...seems too short in terms of time frame. I think we could go lower to say 4050.
Would still be happier with
Posted by fredsaid on 4th of Apr 2023 at 03:13 pm
Would still be happier with 4050...