It's looking very good. I think there are three more waves to (minuette c) left go go.
The SPX bounced off the M5, M10, and M15 Kumos. There is currently resistance at the bottom of the M30 Kumo.
The SPX managed to reverse, and break through the Pivot Point for a nice 14 point run, but was unable to sustain the momentum after it broke through R1. It closed right at the R1 level. R3 at 933 is still my target for taking a short position. That is also the near the top of the M30 Kumo and the bottom of the M60 Kumo
Analysis presented on this blog has only informational and educational purpose and does not represent a proposal for buying or selling currency contracts.
There is no technical reason other than I think my labeling is more common. Our counts are similar, the difference is that I think we already finished a zig zag ending at 920.4 and am expecting another zig that will take us up to 930.
ReplyDeleteI am expecting another zig zag rally(a,b,c) and you are expecting a (3,4,5) rally. So they are going to be very similar. yours should be more impulsive than mine.
your labeling has a running flat and I don't like to label waves that wave until forced. I think double zig zags are common especially when the initial rally is not that strong, which is the case so far.
The Key level is going to 907. When that does get taken out it will signal that wave II or B is over.