Most probable wave structure
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I have shown the recent waves of our corrective cycle on SPX, this is the most possible wave structure i can think if right now.
The recent downward move is a 5 wave structure (wave 2 consisting of simple zig-zag and wave 4 consist of complex triangular waves ABCDE), which indicates that it is wave A of a bigger wave ABC. The 5 impulsive waves consist of expanding diagonal waves in which each next wave is bigger than the previous, diagonal waves usually retrace as much as wave 2 of the impulse and are usually consist of swift retracement. This swift retracement will look like a bounce, and just when people start to FOMO, we shall see wave B downward.
The recent downward move is a 5 wave structure (wave 2 consisting of simple zig-zag and wave 4 consist of complex triangular waves ABCDE), which indicates that it is wave A of a bigger wave ABC. The 5 impulsive waves consist of expanding diagonal waves in which each next wave is bigger than the previous, diagonal waves usually retrace as much as wave 2 of the impulse and are usually consist of swift retracement. This swift retracement will look like a bounce, and just when people start to FOMO, we shall see wave B downward.
Nota
On LTF, it seems like the wave 5 consist of Converging Diagonals. We can still be in our last downward wave 5 which can go as low as 3920$ - 3925$ in my opinion. A couple of days price might stay sideways completing its sub-waves followed by swift move upward.Nota
A little bit correction on the wave count of Converging diagonal waves mentioned in above picture.Currently expecting 3.9k - 3.96k $ to be the local low
Nota
So far so good, sold both times at local peaks in the recent wicks.
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