Tuesday, September 8, 2015
S&P in Bearish 4th Wave Triangle
Boy was I wrong in calling for immediate selling this morning. It appears there is a 4th wave triangle forming, and should be at an end. The "right looks" fits well with the above count if you compare wave ((ii)) to wave ((iv)) now as they both took up a lot of time. If the count is correct, waves (c) and especially (a) of the triangle cannot be breached (with the exception of overnight trading in futures as there is light volume and I would not use that to negate a triangle.
If the 4th wave triangle is correct, massive selling should get underway tomorrow almost immediately.
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.