Da count.....ewave count that is...
I have been having mixed emotions since this small bounce began.
1. I was leaning toward the first fiver down being completed last Thursday or thereabouts and that we might be experiencing a flat correction maybe even extended flat in all three indexes, NDX, SPX, and DJIND. That would put us beginning wave c of that correction now.
2. I am swinging toward the view that the abc move from Friday to Monday near close as the fourth wave in the fiver down instead, which then turned down in the fifth wave of the fiver down. That fifth wave began late Friday in the SPX and may have completed with a small fifth near the open this morning.
If alternate 2 is the real count, then we experienced an ~80 point drop from the recent high in SPX and are beginning the correction of that five wave drop now. All three indexes have the same look about them. We tested some of those previously mentioned large round numbers and are retreating for the moment imho. IF all this is a correct analysis, then we should have a clear correction followed by another five wave retreat. Watching some fibo numbers like following for the SPX as possible turn points....again IF on correct count. TEN DAY SPX chart shows it well.
retrace from 1911.45
23.6% 1930.32
38.2% 1941.99
50.0% 1951.42
61.8% 1960.85
76.4% 1972.52
100.0% 1991.39 the high
Test...we shall see how quickly after this post things show us something ....
Chuck
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