Tuesday, July 28, 2015
S&P Futures 1hr Chart
Just getting a closer look at the S&P futures with a 1hr chart. There's a fairly clean impulsive decline finishing its 5th wave with bullish RSI divergence for confirmation. From there we have a clean 3 wave rise. The rally is very indicative of a wave ((ii)) since 2nd waves tend to be very sharp. It has also poked above the previous 4th wave, so this correction may be about complete by now. I'm looking for some reversal action and eventually confirmation with a move below 2061.50.
PLEASE NOTE: THIS IS JUST AN ANALYSIS BLOG AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. THE DATA HERE IS MERELY AN EXPRESSED OPINION. TRADE AT YOUR OWN RISK.