Off the Sep 21st 2940 highs you have a 3 wave structure for a, and 3 wave structure for b... this is a violation of the rules, as a 3-3 development would mean a flat, and B didn't retrace the required 90% of the A wave decline. Could use 3-3-3 to call it a combination, but overall it really was looking like a 5-3-5 simple zig zag until the 3 wave subdivisions we've had post B wave completion.
Chartists, elliot wave readers, MACD technicians, historical chart pattern analysts, or even amateur traders are ALL expecting a lower low or at least a double bottom. What I am worried is that when everybody expects certain outcome, it will head the other way.
yes! explanation of SPX setups was amazing
Off the Sep 21st 2940 highs you have a 3 wave structure for a, and 3 wave structure for b... this is a violation of the rules, as a 3-3 development would mean a flat, and B didn't retrace the required 90% of the A wave decline. Could use 3-3-3 to call it a combination, but overall it really was looking like a 5-3-5 simple zig zag until the 3 wave subdivisions we've had post B wave completion.
Thanks for the update. Very informative.
As always very nice explanation of SPX!
Chartists, elliot wave readers, MACD technicians, historical chart pattern analysts, or even amateur traders are ALL expecting a lower low or at least a double bottom. What I am worried is that when everybody expects certain outcome, it will head the other way.
Nobody knows what form a corrective wave will make. The b wave could just as easily make a lower high. WE could also make a triangle.