The SPX futures intraday chart shows 3 degrees of waves 1-2 since late Monday night. All the wave 1's overlap. The next degree of wave 1 or wave 3 will NOT overlap the previous degree wave 1. I count a nearly completed wave 2 flat overnight. Flats occur at the beginning or end of the largest move of the wave. This wave 3 that is about to start has the potential to drop more than 100 points (5%) in less than 2 day's time. A move like this would eliminate a bunch of bullish wave counts.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.