sp 500

[#1]

i am counting the present move up on the sp500 as corrective.(Bearish wedge).tripple zig zag wxyz with one more leg up in the z to complete.Possible double top.Where is Rams?what are u counting.

[Rams]

Hi Bets.I am counting ALSI one minute since opening, we in wave 5 down now. Went short at the top of wave 2 when 15 min candle broke out of the opening range. Will pull out SP later and post. Check out triple zigzag on CLS- on the forum now. Are you trading SP500?

[Rams]

Had a look, 5 min chart. I think the triple zigzag is complete and the next move up will be start of a new uptrend?

[Rams]

Had a look, 5 min chart. I think the triple zigzag is complete and the next move up will be start of a new uptrend?

[#5]

Bets i agree with your count.Just looked at the sp500 this morning.Think we are still doing wave b of wave z but we are getting close to the bearish wedge trendline.Maybe we will see a agressive c wave of wave z up today with the alsi to follow.So if i get a morning break down on the alsi this morning i will not take it but wait patiently for a up candle later.DO U AGREE?

[#6]

Rams u are looking at a smaller time frame than Bets.Look at a 1 hr chart of the sp500 to spot the bearish wedge.Inside the bearish wedge of the 1 hr graph u will count a tripple zig with wave z half complete.b wave in process just about complete.The c wave of wave z up could complete today and making a double top on sp500.

[#7]

Aree but watch the trendline.Bigger picture is that this could also be a leading diagonal in wave 5 up.But even if so after todays up move we could see a wave 2 down or a wave 1 down to follow,so my view for trading the alsi. Today - bullish. Next week - bearish.

[Rams]

I always say you must state your time frame when counting the waves.But I agree with your larger time frame counts. But remember a triple zigzag can be made to look like a simple ABC on a larger time frame....

[Rams]

Christos, will you trade the up candle if it still within the opening range or wait for the breakout and then a complteted up candle. 15 min chart.

[#10]

Yes if it is a agressive move and it is inline with my elliot wave view of the present situation.