E-Mini SP500 Intraday Review

 

 

It is nice to see a plunge in the markets if you are in a bearish mood as well. I also know how insane this market can be, and that it can come back with a vengeance at anytime.  I moved my degree levels up to Minuette degree, but still working a potential single zigzag. Of course it would be nice if we end up at a potential wave 2 top or better yet, if the markets just keep heading south and break lower.  The more distance we put between us and the Cycle degree peak, the longer it will survive in that location. 

We are also building a pretty good H&S right now, which can be very bearish when we are just off a major peak. I recognize these patterns because the peak looks like the market gremlin is giving us the middle finger. Only the long term readers of this site, know what the market gremlin looks like.  😉 

Please do not get into a panic because I change my degree levels, or that I don’t fill out each little wave in great detail.  When this single wave does not turn out, then all the little micro mini or electron sized wave counting is a complete waste of time.  At most any  Cycle degree 4th wave correction may need 3-4 degree levels in total to confirm. With a minimum of a Minor degree, in extensions.  All other wave counting is just window dressing, or wave counting gymnastics. Counting all the extreme small degree waves means nothing, if we are using the same degree that everybody used,  back at the 2009 bottom. Right now the markets are heading back up, but it could be a short lived rally, for the next day or so. 

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