SPX in possible WXY correction reaching new closing high on 'X'
Folks,
We got blindsided by a surprise bull run Friday 8/24 which seemed so unlikely I was horrified and amazed all at once.
In retrospect, some sort of rally was to be expected off the Thursday low prices, and I hedged my bets in case, but this was quite bullish indeed.
In spite of making a new high closing price on Sand P, US 30 did not confirm the high today, closing 98 points below its Tuesday high of 25888.
So what it appears we have is a vigorous reactionary countertrend wave 'B' or 'X', better, since this corrective minor wave lacks ABC complexity.
We have seen all the usual candles tokening corrections; shooting stars, pin bars, engulfing bears, etc. These signals all indicate index is at or near high.
What can we expect? Perhaps a tad higher intraday and another shooting star Monday, then lower again. It is a zigzag within a zigzag inside a larger zigzag.
Just another bull trap, I reckon. Good luck!
As always, this is not investment advice, it's purely for education and your amusement.
We got blindsided by a surprise bull run Friday 8/24 which seemed so unlikely I was horrified and amazed all at once.
In retrospect, some sort of rally was to be expected off the Thursday low prices, and I hedged my bets in case, but this was quite bullish indeed.
In spite of making a new high closing price on Sand P, US 30 did not confirm the high today, closing 98 points below its Tuesday high of 25888.
So what it appears we have is a vigorous reactionary countertrend wave 'B' or 'X', better, since this corrective minor wave lacks ABC complexity.
We have seen all the usual candles tokening corrections; shooting stars, pin bars, engulfing bears, etc. These signals all indicate index is at or near high.
What can we expect? Perhaps a tad higher intraday and another shooting star Monday, then lower again. It is a zigzag within a zigzag inside a larger zigzag.
Just another bull trap, I reckon. Good luck!
As always, this is not investment advice, it's purely for education and your amusement.
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