Hi Matt, Given the price action that has followed this
afternoon, is this an uncommon example where symmetry didn’t happen
to work? Or perhaps there is something else to consider when
looking for a “higher high “ after a break in symmetry?
no - first off SPX hasn't taken out the low on that 60 min chart
yet which is 4461
secondly - this was only the second of the large bounce
attemptems, so if price makes another low, that last bounce
of 66 points would become the important symmetry market for
the next rally - sometimes you need more more than 2 large bounces
before symmetry matters because you are too early in the wave
count
as an example of what I discussed, here's a real time 5 min
chart from today, notice your first bounce was 13.4 points, while
your second bounce was 17.2 points, but price just went right down
to another low. You only had 2 bounce attempts.
Most of the time having 3 or more bounce attempts by the time
you break symmetry are the ones that have very high
probability.
When that sym break only occurs on a 2nd bounce, it's 50/50 at
best, and that's what the 60 min had, that was only the second main
bounce attempt
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Symmetry update
Posted by matt on 10th of Aug 2023 at 10:16 am
$SPX - Chart Link rally off the lows so far is the largest bounce, so a symmetry break
Hi Matt, Given the price
Posted by desanyn on 10th of Aug 2023 at 01:51 pm
Hi Matt, Given the price action that has followed this afternoon, is this an uncommon example where symmetry didn’t happen to work? Or perhaps there is something else to consider when looking for a “higher high “ after a break in symmetry?
no - first off SPX
Posted by matt on 10th of Aug 2023 at 01:53 pm
no - first off SPX hasn't taken out the low on that 60 min chart yet which is 4461
secondly - this was only the second of the large bounce attemptems, so if price makes another low, that last bounce of 66 points would become the important symmetry market for the next rally - sometimes you need more more than 2 large bounces before symmetry matters because you are too early in the wave count
Makes sense… thanks for the
Posted by desanyn on 10th of Aug 2023 at 01:58 pm
Makes sense… thanks for the clarification.
as an example of what
Posted by matt on 10th of Aug 2023 at 02:01 pm
as an example of what I discussed, here's a real time 5 min chart from today, notice your first bounce was 13.4 points, while your second bounce was 17.2 points, but price just went right down to another low. You only had 2 bounce attempts.
Most of the time having 3 or more bounce attempts by the time you break symmetry are the ones that have very high probability.
When that sym break only occurs on a 2nd bounce, it's 50/50 at best, and that's what the 60 min had, that was only the second main bounce attempt