S&P 500 might be close to completing a corrective move higher
Good afternoon everyone! I'm sure your all wondering what's going on with the market, given that the DOW had its largest gain in history yesterday.
Yesterday screamed a short squeeze to me. My current counts are showing we are in the midst of a correction higher. There are two counts I'm tracking.
My primary count (1hr) shows us completing a zig-zag correction (wave 4) in the area of the highlighted oval. This count is invalidated above 253.58 in SPY. When price enters the area I will look for signs of pattern completion.
My alt count shows that we might have completed a larger wave 3 and we could see further upside than the previous count. The invalidation for this count is 258.68.
Either way, the probabilities are pointing to more upside in the near term. Once wave 4 completes we can expect a strong impulsive wave down to new yearly lows.
Yesterday screamed a short squeeze to me. My current counts are showing we are in the midst of a correction higher. There are two counts I'm tracking.
My primary count (1hr) shows us completing a zig-zag correction (wave 4) in the area of the highlighted oval. This count is invalidated above 253.58 in SPY. When price enters the area I will look for signs of pattern completion.
My alt count shows that we might have completed a larger wave 3 and we could see further upside than the previous count. The invalidation for this count is 258.68.
Either way, the probabilities are pointing to more upside in the near term. Once wave 4 completes we can expect a strong impulsive wave down to new yearly lows.
כתב ויתור
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