Ammo, I usually have 4 counts in mind. 1) Super Bearish - We are in Cycle Wave IV and going down to Dow 7000. 2) Bearish - We are in Intermediate V1]4) and going down to Dow 10000. 3) Bullish - We are in Intermediate V1]5) and going up to Dow 16800. 4) Super Bullish - We are in Cycle Wave V and going up to Dow 36000. Mu. Edit. My long term trade is Dow 1000 points. My short term trade is Dow 100 - 200 points.
Comments from a friend of mine . . . "Yesterdayâs action continued the downward volatility. The market traded down and penetrated the 1309.45 level with in intraday low of 1307.39. The market rebounded in the last two hours to close near the highs but slightly lower on the session. While yesterdayâs action suggest that the market may have reached a short term bottom there is no sign the downtrend has been reached. The configuration suggest there should be a two days of higher prices with an extreme target of 1356.95/1362.35. To confirm the pattern it will take a close above the 1329.70 level today. I expect the market to have two sessions up and resume the downward movement. It will take a close above the 1362.35 level to negate the continuation pattern to the downside. The resistance levels today are at the 1329.70/1335.15/1344.20. Should the 1344.20 level be penetrated then an extended rally toward the 1348.75 level will unfold. The support levels today are at the 1321.00/1318.15/1316.15. A penetration of the 1316.15 level will signal a decline toward the 1307.40" Traded right up into SPX resistance this morning at 1344.19
Status. Reversed at open as said and reversed again at +100, +10, +20. Whipsaws at -50 and final reversed of short termposition at -200, -20, -40 as said. Now hold short and long "Long position". Strategy. Hold to measured move level at +265, +37, +70 (12415, 1357, 2324) if up. Reverse if down.
Could be in an ED pattern on the ES if its a C wave... ( alt is the W-X-Y pattern with the ED pattern changing into a lesser b wave of the Y before we get the final lesser C to complete the Y wave.. Just a scribble on the 5min ES
Agree with you, Mup. An a-b-c and an ending diagonal triangle (descending wedge). Should buy now. Mu.