Wave F ending in C Terminal? Tomorrow 'Should' Be Down Day
Standing wedge pattern like this should have immediate bearish implications. If a terminal is ending wave F, it suggests the SPX should drop back to beginning of terminal 1200-1210 in 25%-50% the time.
This C-wave (not a b-wave as originally suspected) took 8 days so any 2 - 4 day collapse would make the 12/24 weekend square of 9 cluster a low point....
I mentioned I wasnt shorting at all, that was before I saw this pattern. Attempting a short on market close.....
This C-wave (not a b-wave as originally suspected) took 8 days so any 2 - 4 day collapse would make the 12/24 weekend square of 9 cluster a low point....
I mentioned I wasnt shorting at all, that was before I saw this pattern. Attempting a short on market close.....
posted by chartblog at
3:24 PM
2 Comments:
1/ Rising wedges "break down" up to 70% of the time.
2/ Sharp rally into a new moon on the weekend
3/ Reasonable wave count into an 'ending' pattern
Nice setup
I think wave 2 of the wedge should not go beyond the origin of wave 1. If a wedge is indeed forming we may just have completed wave 3 with 4 and 5 yet to come
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