Here's another chart of the SPX 10 min, I'm not trying to
confuse you and realize that wave counts intra day like this are
very hard to do and can change. But when I look at the SPX 10
min chart, that 5 wave might only be wave 5 of 3, with this being
some kind of wave 4 bounce today. Then we get another
pullback to form 5 of 5 of 1, then a larger ABC bounce. Also
another pullback to make minor new lows would set up much nicer
positive divergence
Posted by cwa82675 on 11th of Feb 2009 at 02:04 pm
psychologically that will coincide perfectly. break the
trendlines to get everyone bearish, and then give us a good abc
rally to backtest the trendlines from beneath. maximum
confusion for the uneducated. great charts today matt!
Posted by dallassteve on 11th of Feb 2009 at 02:24 pm
sounds right to me, because I've made that mistake. SPX
flirting with 823 now. Will it dip just enough to make
everyone bearish, then start to rally? Earlier in the day, I
gave up on SSO when it hit my stop. Small profit, but better
than losing money.
Posted by cwa82675 on 11th of Feb 2009 at 01:59 pm
psychologically that will coincide perfectly. break the
trendlines to get every bearish, and then give us a good abc rally
to backtest the trendlines from beneath. maximum confusion
for the uneducated. great charts today matt!
Posted by drsadapt on 11th of Feb 2009 at 01:28 pm
I agree. this actions looks like a wave 4. Would you
expect an ABC afterwards to go back up and close the small gap
created yesterday in the S&P's gap down?
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SPX 10 min chart.png Here's another
Posted by matt on 11th of Feb 2009 at 01:19 pm
Here's another chart of the SPX 10 min, I'm not trying to confuse you and realize that wave counts intra day like this are very hard to do and can change. But when I look at the SPX 10 min chart, that 5 wave might only be wave 5 of 3, with this being some kind of wave 4 bounce today. Then we get another pullback to form 5 of 5 of 1, then a larger ABC bounce. Also another pullback to make minor new lows would set up much nicer positive divergence
SPX 10 min chart.png looks like
Posted by matt on 11th of Feb 2009 at 01:51 pm
looks like that 5 wave is playing out, that bounce today was probably a wave 4. Possibility for a divergent low to form, we'll see.
psychologically that will coincide perfectly.
Posted by cwa82675 on 11th of Feb 2009 at 02:04 pm
psychologically that will coincide perfectly. break the trendlines to get everyone bearish, and then give us a good abc rally to backtest the trendlines from beneath. maximum confusion for the uneducated. great charts today matt!
SPX 10 min chart.png thx, here's
Posted by matt on 11th of Feb 2009 at 02:29 pm
thx, here's another chart, there is positive divergence now on that low, now whether it plays it is another story, but something to note anyway
sounds right to me, because
Posted by dallassteve on 11th of Feb 2009 at 02:24 pm
sounds right to me, because I've made that mistake. SPX flirting with 823 now. Will it dip just enough to make everyone bearish, then start to rally? Earlier in the day, I gave up on SSO when it hit my stop. Small profit, but better than losing money.
psychologically that will coincide perfectly.
Posted by cwa82675 on 11th of Feb 2009 at 01:59 pm
psychologically that will coincide perfectly. break the trendlines to get every bearish, and then give us a good abc rally to backtest the trendlines from beneath. maximum confusion for the uneducated. great charts today matt!
SPX 10 Min
Posted by drsadapt on 11th of Feb 2009 at 01:28 pm
I agree. this actions looks like a wave 4. Would you expect an ABC afterwards to go back up and close the small gap created yesterday in the S&P's gap down?