Here’s today’s intra-day chart of SPY. Most instruments should follow this same pulse.
As the SPY traded to new lows an hour ago, take a look at our other noted divergence candidates…
FWIW…
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Your blog count today is like back in 2007/08. Thanks man, great analysis!
so $IWM to 103 – 104 ?? Oct 2014 levels.??
You wouldn’t really…would you?
jeff is on fire
Daily and 240m osc are bullish and looks like an ABC flat on lower time frames. This may be a relieve bounce but we are in a wave 4 correction which projects to mid 1770 level SPX or lower
How’ve you been? Eating up this down leg I assume?
An EW guy I follow says wave 5 starts from here…you think lower?
Hi OA, do you think heavily shorted candidates like fit, amba, or gpro are worth a shot here?
I would start with $AMBA. I’d try $FIT a day lower, and I’d need $GPRO to take out IPO lows.
Awesome, thank you!
If AMBA breaks support around 55 there’s
a big pocket below until 35. That said not a bad place to take a shot with a stop below support.
Not an EW expert, but if the basic rules are correct, the $NDX daily chart looks to be in a 3 (or C)down to me…which would lead to around 3300 or so.
Who are your top 3 EW guys you follow?
Based only on the charts above, the patterns are virtually identical with one small difference. The divergent charts did not hit a new daily low in the final hour. But they came close so wouldn’t bank anything on it just yet… GS on the other hand did diverge more significantly off the early low. FWIW…
Yes, starting to see signs of divergence. That’s the theme of the week.
feels like been such a long week already. FWIW
Hi jeff , what tommorow is going to be like ..
Similar to today. Moves in both direction. Tails.
Another beautiful day in the marketplace. Not quite time to buy but getting close.