The SPX rally from 2459.90 to 2490.90 is too choppy and has too much over lap to be a standard impulse wave.
This structure does not have the proper proportions to be an Ending Diagonal Triangle.
In my last post I thought this structure could be part of a developing Ending Diagonal Triangle.
The SPX decline to 2462 on 8/9/17 has made this count a very low probability.
The best wave count is that a Horizontal Triangle is developing from the peak at 2484.00
Wave "d" of this structure could be complete at the late day high of 8/9/17.
If so wave "e" down could complete on 8/10/17.
If the SPX opens down on 8/10/17 this could be a great opportunity for a short term long trade.
Place stop loss orders just below the 8/9/17 low of the day at 2462.
A move below 2459.90 could indicate the next down wave is in development.
If wave "e" of the Horizontal Triangle completes on 8/10/17 the SPX has potential to reach 2491 - 2496 on 8/10/17 or 8/11/17.
Mark
This structure does not have the proper proportions to be an Ending Diagonal Triangle.
In my last post I thought this structure could be part of a developing Ending Diagonal Triangle.
The SPX decline to 2462 on 8/9/17 has made this count a very low probability.
The best wave count is that a Horizontal Triangle is developing from the peak at 2484.00
Wave "d" of this structure could be complete at the late day high of 8/9/17.
If so wave "e" down could complete on 8/10/17.
If the SPX opens down on 8/10/17 this could be a great opportunity for a short term long trade.
Place stop loss orders just below the 8/9/17 low of the day at 2462.
A move below 2459.90 could indicate the next down wave is in development.
If wave "e" of the Horizontal Triangle completes on 8/10/17 the SPX has potential to reach 2491 - 2496 on 8/10/17 or 8/11/17.
Mark