bTindle

bTindle

The major US indexes (S&P 500, Nasdaq 100, Russell 2000 etc) appear to be coming out of a Wave 3 top, and gearing up for either a flat or triangle in a Wave 4 position. Although the retracement of the initial cash-session decline has been choppy, the futures chart still looks favorable for a turn lower tomorrow. I see 5 down with a 3-3-5 flat in a retracement....

bTindle Updated 

Note the wave 3 projection with near perfection before entering our 4th wave correction. Will be keeping my eyes on this into the coming weeks.

bTindle

Potential wave counts following our 4th wave ABCDE triangle - Another alternative possibility is we never completed our correction in the 4th wave.

bTindle

I feel wave 4 correction is potentially invalidated, any takers/thoughts? This was my previous wave count, which I thought was a clear 5 wave breakout from our 4th wave triangle on the daily.

bTindle Updated 

Very clear ABCDE in the 4th, with near perfect alternating .618 relationships. B vs D was near perfection, while A vs C was a bit off, although not surprising given we anticipated the larger support/reversal to come at the daily 200 moving average on that move. Expecting a diagonal 5th here, and will update with a potential sub-wave count. Also based on this...

bTindle

Here is a quick look at a basic monthly chart for the SPX (S&P 500). As you can see, our previous over-extended run ended in a pullback to the 236 fib line which also corresponds to our major dominant trendline. Currently watching key moving averages on the 1, 2, 4hr & daily charts including our 50, 100 & 200 moving averages.