How they absorbed the trade on a liquidity-less day I have no clue, but it's shit like this that I've been warning about. A few more of these doozies and you gotta wonder who else is in line that does not want to wait in line any longer. There has never been a more dangerous time in history to be long equities IMHO.
On to the lie -
OK I updated all of the SPX charts last night. What I found is best shown on this SPX 15m chart - Blue falling channel inside black falling megaphone with green A-E falling wedge that had its support underthrown on an E wedge touch which should finish that falling formation. There are few positive divergences on any time frame because the move through 1912 cause an underthrow situation where the pos divs that did exist got abused (vertical pink dashed).
As I was counting last week - after the first 5 down the clear ABC reversal to 1970 that kept under 1977 made for the top of a 2 which led to this impulsive 3 I warned could come.We now have a clear 5-3-5 move. That is about as far as I like to count things. If that is a 1-2-3 then there is a 4 and 5 to come or whatever sort of count you use to choose (I still suggest you don't count). TA has three clear patterns in play now use them. Worst case scenario is a small ABC here then a truly impulsive 3 down would follow for a third of a third.
A corrective here should finally be in order - 12, 25, 29 and 50 are the targets in order. Anything above 77 invalidates most counts unless you get a 4 and 5 move here.
More to come below.
Have a good day.
GL and GB!
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