I’m focusing on S&P 500 futures this afternoon. The day started on plan as there was a retrace on the morning numbers and rise. That makes it look like the morning was a drive up in a wave ‘V’ and thus the high around 10am could be it. My problem with that is the form isn’t clearly a five. The alternate count is the high today was a tiny ‘b of IV’, followed by a deep ‘c of IV’. Yes, the decline has created a small amount of intraday overlap so not an ideal ‘IV’. If S&P 500 futures recover 5141.50, allow for higher to 5152.50 or 5061.25. We will see if bears can lean back into it for a lower high late this afternoon. I’m torn. My semi-autistic pattern recognition says I should give bulls a chance for a new high. On the other hand, maybe I’m reading too much into this and bears sell the new high bolstered by a dive in Nvidia today.
Comments
No posts