In the chart above we have two wave counts equally possible for the immediate future. The first count takes into consideration that S&P has started an wave downwards and we currently are inside wave 5 that should most probably finish at 1490-85 area. The alternative wave scenario refers to a three wave decline from recent top and is labeled with black A-B-C. If our equally possible alternative is to prevail, then the sequence of and lower highs will end today and most probably after the announcement of the NFP numbers. Volatility will most probably rise today and we will have a clearer picture as to where we are heading very soon. A rise above wave (iv) will increase the chances we see 1514-20 soon. A new low below 1496 and a break of 1490 will confirm that the top is in.
As always, thank you for taking the time to catch up on my thinking.
A term used to describe a trader (bear) who is expects that a particular asset – be it a commodity, currency or product – to fall in value. The opposite of a ‘bull’.
The idea is that bears attack by getting up on their hind legs and striking their opponents down with their paws, symbolising the fact that they are sellers driving prices down.
Beliefs held by the aforementioned ‘bears’ of the trading world, are described as bearish. Characterised by a generally pessimistic outlook on the state of a given asset, a bearish outlook would suggest that a fall in value is imminent. Opposite of bullish.
A term used to describe a trader who is expects that a particular asset – be it a commodity, currency or product – to rise in value. The opposite of a ‘bear’.
The idea is that bulls attack by bending their heads and poking their opponents upwards with their horns, symbolising the fact that they are buyers, driving prices up.
Beliefs held by the aforementioned ‘bulls’ of the trading world, are described as bullish. Characterised by a generally optimistic outlook on the state of a given asset, a bullish outlook would suggest that a rise in value is imminent. Opposite of bearish.