Yes we can is the simple answer Although there's 3 or 4 vaild counts in play at the moment on the main SPX Index, the ED is just one possablity that we carn't yet rule out I'll get round to mapping a chart out with the a few other counts vaild counts on to keep our options open.. As always we EW'ers have no bias, we just go where the waves take us ..
Update Microwave iii.iii chart. Status. Short position still opened, because there is no higher high at target of 300-350, 30-35, 60-70. Scenario 1. Futures point to a lower start. Strategy 1. Keep short position. Same target. Scenario 2. Futures point to a higher start. Strategy 2. Close short position at open.
Last close = 13300.0195, 1475.62, 2748.3201 Target = 13160.3907, 1458.52, 2735.8699 Points to target = 139.6288, 17.1, 12.4502 Very near. Dow future points to overshoot of target. May extend target of wave iii to 1.618 time wave i at 12845.82271, 1420.3585, 2680.497038. Too low!:eek: USD/JPY and stock down together = unwinding?
BHP bid reverse -281 Dow future!:eek: to +22 = 300!!! But the wave count is five wave, a rebound should be expected. Close short position, look for another short opportunity. Edited. Strategy 2.
Bears will be looking towards a this Yesterdays 5 wave move into the close as a wave i of C Be aware that we could get an Exp flat as the wave ii over 123.6% will kill that option..
7 waves now. The ninth wave, i.e., fifthe wave, should reach target at 13160.3907, 1458.52, 2735.8699. May be, may be not.