hhmmm . . sorry to hear . . . I assume your long-term investments are to the Down-side ?? hey ... maybe your indicator is wrong . . . I don't like the straight A/D stuff .. it went UP today! My tweak involves limiting the A/D in a certain way and makes it more applicable .. IMHO. That's one of the reasons I try not to have LONG-term investments. LOL Good Luck !!!!
On a short term Renko, recent SPY waves can be easily counted.
Chart 1 = bullish count. The Fibonacci price extension lines were projected from the trip of waves 1 - 2. Wave 5 is finished with a double bottom precisely at the 161.8% extension. This one is simple and clear. I like it.
Chart 2 = bearish count. An additional series of Fibonacci price extension lines were projected from the trip of waves 3 - 4. Note the interesting overlap of the two support lines, from the two extension series, at the closing value of today, 6/16... = maybe a strong support. An approximate ab = cd marked the transition to a long down trend. Wave 5 can have much lower targets, but not lower than 90.6, to stay < wave 3.
Tomorrow’s opening should discriminate between these two counts and therefore it is important both for longer term investments and for OE positions.
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