Hourly S&P 500 Futures Put in 5th Wave of Downtrend
It turned out that the recent contraction in the S&P 500 hourly futures (see link to my previous post below) was a continuation pattern of the pre-existing downtrend in force since March 13. The S&P 500 futures crossed the lower Bollinger band this morning, subsequently falling sharply.
The upshot is that a wave 5 in the downtrend has now been completed. It is too late now to consider any short positions here. Best to look for a trend reversal to the upside, though not until a 7th or 9th wave in the current move.
The upshot is that a wave 5 in the downtrend has now been completed. It is too late now to consider any short positions here. Best to look for a trend reversal to the upside, though not until a 7th or 9th wave in the current move.
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