Tuesday, 15 March 2016

S&P 500 is at a critical juncture, bullish and bearish wave counts illustrated

I favour the bearish count unless the market beats 2050, as discussed in my post from the weekend.

Bullish count.


Bearish count.


5 comments:

  1. I had 1925-30 pencilled in for a possible retrace.. then bounce ... do you think if it goes thru 1975 it is on downwards trajectory?

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  2. I had 1925-30 pencilled in for a possible retrace.. then bounce ... do you think if it goes thru 1975 it is on downwards trajectory?

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    Replies
    1. I think the levels you identified are more important. Sorry, my chart is more about wave structure than exact levels... meaning that I think a wave 2 pullback is due. If the 1925 area is tested and doesn't hold it's probably going to re-test the Feb lows.

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    2. agree, tks... I think this correction could be a large ABC building up to explosive move up... but if not, we at least go back to the bottom of the channel

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    3. Yep, that's possible, I think one of the top three counts. If (if) we see a decline toward the Feb low, I will keep an open mind, and keep a very close watch on price and momentum and volume, and trade/call what I see.

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