SP500 Update
Ok, the grey case looks bleak now. However...
It is remarkable how Elliott wave count can be twisted both ways. I closed longs but did not open shorts. Unbiased and neutral at the moment.
Last move up looks like ABC and not WXY which you would expect for wave iv in contracting diagonal. Plus the shape of the diagonal is not pretty. Too wide in my view and wave ii and iv are not connected through the tops.
Hm.. the bull case is not off the table.. but no reasons to go long other than hypothetical count which is not a good reason to keep longs.
Will revisit it tomorrow. Looking at individual stocks like SQ, SHOP, PYPL, FB - I am not convinced we are going down. It might be that we just had the local bottom.
It is remarkable how Elliott wave count can be twisted both ways. I closed longs but did not open shorts. Unbiased and neutral at the moment.
Last move up looks like ABC and not WXY which you would expect for wave iv in contracting diagonal. Plus the shape of the diagonal is not pretty. Too wide in my view and wave ii and iv are not connected through the tops.
Hm.. the bull case is not off the table.. but no reasons to go long other than hypothetical count which is not a good reason to keep longs.
Will revisit it tomorrow. Looking at individual stocks like SQ, SHOP, PYPL, FB - I am not convinced we are going down. It might be that we just had the local bottom.
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🌏 energeiacharta.com
⏱️ Timely updates of WTI, Gasoil, NatGas charts explaining every twist
🗃️ Extensive analysis archives
📏 Chartopedia, with examples of applying ElliottWave to real world charts
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