Mentorship

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S&P Alternates kicking in

26 May 2016 ‚óŹ 05:34 AM

S&P the next best alternate that is still bearish for stocks medium term, is that the recent bounce back is wave c of ii of what is an expanded flat. Yesterday the index retraced 78.6% of the decline near the upper bollinger band which is a good resistance. Note wave b is like a wedge that I was earlier considering a leading pattern, however a triangle can also occur in wave b. Wave c may not have completed 5 waves up on hourly charts so a minor push lower and then higher might still be open. But as long as we are below the wave 2 high of 2111 this wave count is valid and bearish for the weeks ahead.

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