$SPX - Chart Link- additionally: remember guys
I stated that we only had 1 wave up in that bounce yesterday. You
ALWAYS at least need 3 waves! That's why I favoried more
upside.
now today we got that 3rd wave up, and price stopped at that
extended trendline
still - we don't know if that was an ABC move that would argue
for another move lower to take out recent lows
or the start of a 5 wave move up with that being wave 3
the point is: you needed at least 3 waves, we only had 1
yesterday, so at mimimum you were looking for another upside move.
counter trends are always 3 waves, not 1 wave
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SPX 15 min chart
Posted by matt on 7th of Jul 2023 at 03:06 pm
$SPX - Chart Link- pretty damn good how price tagged the trendline I had in there and revesed off
SPX - did today's action
Posted by DigiNomad on 7th of Jul 2023 at 03:49 pm
SPX - did today's action fill the gap, or did we need to get all the way up to Wednesdays closing price?
Update: SPX 15 min chart
Posted by matt on 7th of Jul 2023 at 03:16 pm
$SPX - Chart Link- additionally: remember guys I stated that we only had 1 wave up in that bounce yesterday. You ALWAYS at least need 3 waves! That's why I favoried more upside.
now today we got that 3rd wave up, and price stopped at that extended trendline
still - we don't know if that was an ABC move that would argue for another move lower to take out recent lows
or the start of a 5 wave move up with that being wave 3
the point is: you needed at least 3 waves, we only had 1 yesterday, so at mimimum you were looking for another upside move. counter trends are always 3 waves, not 1 wave