Bagman's charts, watchlists, scans and etc.

[Ecomike]

Wave one is from 30.79 to about 34.47

wave 2 is a sideways zig zag of A-B-C waves from 34.47 to 32.53

Wave 1 of wave 3 up starts at 32.53, and ends at 35.06

Wave 2 of wave 3 bottoms at 32.98

Wave 3 of 3, the one people like to ride is from 32.98 to 38.62

then it has been in wave 4 zig zag, or W, with a possible 5 wave move already started.

Wave 5s are tricky, then can fail. But that looks like a solid wave 5 of 5 about to break out.

The problem with EW, is there are multiple wave cycles, waves within waves, within waves, so they must be charted hourly, daily weekly and monthly to get all the wave nesting right. Then there are the complex zig zags and triangles in some of the waves, like the A-B-C corrective waves, that add to the madness, LOL.

I only knew two guys that ever really got good at doing it hard core day by day on the SPY futures charts. I read the book, twice, but I really learned it from them. We had a self help blog online chat room from 20089-2011. I knew 2-3 others that were pretty good at it. Several of them went pro, selling their charts by subscription. It was very useful in 2008-2010. They also used Fib numbers and MACD values to confirm certain waves, like wave 3 had to be a serious MACD high. Wave 5 would be an MACD divergence.

Wave 3 can never be the shortest of waves 1,3, and 5.
The more I look at that chart, I would say a 5th wave higher is coming!!!!