Mini SP500 Intraday Review

I have to remind readers, that any move always has 5 options or 5 probabilities in any move the markets might take. The only difference is the level of degree.  I don’t like to draw multiple different wave counts on one chart, as that does nothing to eliminate other probabilities. 

If the top is real then, it’s not rocket science that the markets cannot go above that peak, but eventually they have to turn and head south again. Even now the markets can retrace 70-80% of the entire decline we just had.  When the crazies are playing in the markets, wild moves can amaze and surprise us when we least expect it.

My “ABC” pattern can be the start of a diagonal drive, but it also works very well as a potential 1-2 wave.  A potential wave 3-4 is not nearly long enough to make a great fit, so it may take until the end of the week, before a better picture emerges.  On this intraday chart the move looks very big, but on a daily chart, it’s just a little bee sting.  

I would like to see the counter rally expire sooner than later, but this pattern can sill soar to a new record high as a “C” wave.  If this market heads lower by the end of the day, that would be nice.  Make some room in your fridge, because the bears have sharp claws, and they are looking for some good bull meat to slice up!