New ABC for (B) or 5up for C of (B)?


We have a better 5up off the low now, but it is a little small to reliably be the wave i of C.

Remember the ES got a much lower low than SPX on Sunday night so it leans a bit more to looking like 5 down as (A) and needing an ABC bounce for a new (B) where as the SPX is still easily the B wave low of an expanded flat for (B). That means SPX looks more like it should get 5up as C of (B) rather than a new ABC bounce for (B).

NQ leans more in favor of the B of (B), but the 5up there is also a little small for i of C. While YM clearly got a substantial lower low as 5 down, and while POSSIBLE that is WXYXZ for alt (4) even a (5)the there would be ABC up, and part of that ABC could just be a yellow (B) wave.

Ideal support for any corrective retrace from the recent high is now 3725-3660 ES.

SPX.XO - Sentiment Stages - Oct-06 0815 AM (1 day)
SPX.XO - Sentiment Stages - Oct-06 0815 AM (1 day)
SPX.XO - Whats The Frequency Kenneth - Oct-06 0813 AM (1 hour)
SPX.XO - Whats The Frequency Kenneth - Oct-06 0813 AM (1 hour)
@NQ# - Big Macro Clean - Oct-06 0819 AM (4 hour)
@NQ# - Big Macro Clean - Oct-06 0819 AM (4 hour)
@ES# - Micro Counts - Oct-06 0810 AM (15 min)
@ES# - Micro Counts - Oct-06 0810 AM (15 min)
@YM# - Primary Analysis - Oct-06 0820 AM (1 day)
@YM# - Primary Analysis - Oct-06 0820 AM (1 day)
@ES# - Micro Counts - Oct-06 0817 AM (4 hour)
@ES# - Micro Counts - Oct-06 0817 AM (4 hour)
Zac Mannes is a senior analyst at ElliottWaveTrader.net and co-host of the site's Stock Waves service, which provides wave alerts and trade set-ups on individual stocks.


  Matched
x