Feb 2, 2016

Update

SP500 squeezed 7 points higher and touched MA200. Now we have another 5 waves higher and the move looks like a-b-c so I expect a move lower to begin soon.
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4 comments:

  1. H2535Feb 2, 2016, 4:03:00 PM

    Thanks Krasi for your beautiful work, I am not sure is the "c" which is touching the MA200 is wave 1 of bullish move? or why that has to go down (your red line on the chart)to shape a double bottom?Thanks,

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    1. KrasiFeb 2, 2016, 8:53:00 PM

      Only three waves a-b-c is corrective move not bullish, so it has to go down - the red line.
      I have drown it like double bottom because it is too early to say higher low or lower low.
      There is two options - this is wave 4, wave 5 to follow with lower low or more complex corrective move higher with higher low.
      I expect higher low, but first to see how the move lower looks like before betting on the more "exotic" move.

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  2. greenlanderFeb 4, 2016, 2:36:00 AM

    Still thinking we are retesting lows? I was of that opinion until the late day ramp and think we might looking at another leg up. That said the action is very choppy so hard to be confident.

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  3. KrasiFeb 4, 2016, 11:53:00 AM

    Yes very choppy and not an easy call. My best guess is that there is more to the downside, but not for very long a few days.
    See the new post.

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