Saturday, 1 October 2016

S&P 500 near term trend is down. 4 hour, daily & monthly charts #SPX $ES

4 hour chart key element is the down trend line which the market respected late in the week. An aggressively bearish wave count is shown, calling for a 3rd of a 3rd of a 3rd lower next. Far fetched? There are certainly viable counts which are less bearish. Main point is to look for lower prices while the market remains below the nearby down trend line.

Daily chart