Spent the entire night figuring out someone elses database and am just getting in. Basically I can squeeze in five waves down from the top. So if that structure was a leading diagonal wave 1 down, then the 62% retrace would be to the 114.5 area. If I can get up early enough in the morning I will post a chart. An argument can be made that the waves down were corrective. If that's the case then a marginal new high is possible. This brings us to one of the key issues with EW, you don't really know where you are at early on in a transition between higher order waves. Are we finishing P2? or Have we already started P3?
For now I believe we will get a continued bounce up in the morning and if we don't go too far above 114.5, then we will see a sharp wave 3 sell off tommorrow late or Thursday. If we do make a new high... Then that's all she wrote and it's all down hill from there.
About Me
- Pokerden
- This is probably the only time we are going to see a market like this in our lifetime. So lets make the best of the opportunity. I am going to concentrate on mainly trading the S&P 500 index using Elliott Waves and other TA. I will mainly be using puts and calls on SPY, but at times will trade SDS and SSO also. Do your own due diligence of course. Do not take any of my commentary and technical analysis as recommendations to purchase stocks or options. I do not currently trade the E-minis.