Emini S&P 500 Wave Count Points Higher
In considering whether a breakout over the 1355ES level would be the start of wave c or simply the completion of the a-wave, I cautioned on Tuesday to keep very tight stops on long positions on a breakout above 1355 of the S&P 500. It didn't take long for the market to reverse and take us out of long positions.
As the market started downward, I mentioned that the decline, although it "looked" impulsive, was not giving the clear Fibonacci extension relationships that I like to see in an impulsive move. This allowed me to present the b-wave possibility, with the famous target blue box for the b-wave. In truth, this b-wave was a shortened b-wave, as it only reached the .500 retracement and the c-wave was only .764x the size of the a-wave....178 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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