$SPX - IMPORTANT -
Added 2023-10-28 11:24:38 +0000 UTCThere was an observation made to me last night that I think is worth considering.
It is the smallest of margins but regardless it is valid.
We use the $SPY which is an ETF to track the S&P 500 index because a lot of our members buy the $SPY but the main index is the SPX S&P 500 INDEX.
And for whatever reason, they are not exactly in sync, as in 4000 on the SPX is suppose to be 400 on the $SPY but with a very small margin of error.
How is this relevant?
Well the SPX hit a low of 4103.78 on Friday
Wave 1 of the SPX tops out at 4099.
So technically the SPX did not enter below Wave 1 on Friday.
So in terms of EW Theory, the impulse wave is still valid.
BUT by the smallest of margins, it could very well enter on Monday but right now, the impulse wave is valid.
Comments
Yes
Qubas
2023-10-29 15:41:14 +0000 UTCMost of the time, wave 4 retraces 0.38 and .5. It could be 0.618, if wave 2 was very short. That's why I think we should consider different count. I believe it is the beginning of new bear market. It looks more like diagonal 1-2-3-4-5.
Mukhammad
2023-10-29 03:16:36 +0000 UTCThere are other indicators. Qty of stocks over 200 sma very small
Daniel SI
2023-10-28 21:07:26 +0000 UTCI of III referring to the weekly / 3 yr pattern that started in Feb 2022 when Russia invaded Ukraine.
Glen B
2023-10-28 14:48:03 +0000 UTCThe wave count must be questioned until we have confirmation. At present, this could be Wave I of III coming out of a double pattern correction.
Glen B
2023-10-28 14:45:31 +0000 UTCIf I’m not wrong, waves 2&4 are the correction waves so they should have an ABC form.. but this wave 4 has 5 subwaves in it.. is it ok?
Tomer Altman
2023-10-28 13:59:36 +0000 UTCYes.
Frank
2023-10-28 11:49:06 +0000 UTCIf wave 4 enters wave 1 will make it invalid?
ray
2023-10-28 11:43:03 +0000 UTC
