This is the medium term wave count witch encompasses the 5th wave in the longer term purple wave count (See the link below)
After completing a clean orange 5 wave move within the 5th blue wave on Aug 8 which also made a reversal day where as the S&P made a all time high @2490.9 but ended up closing the day @2474.7 - A meaningful move to tack note of. As I've mention in the long term wave count I think 2490.9 will be the high for the year and if we do get a break higher this wave count will need to be reevaluated.
I will be watching for volatility to pickup as this Longley awaited correction takes shape.
Levels to take note:
After completing a clean orange 5 wave move within the 5th blue wave on Aug 8 which also made a reversal day where as the S&P made a all time high @2490.9 but ended up closing the day @2474.7 - A meaningful move to tack note of. As I've mention in the long term wave count I think 2490.9 will be the high for the year and if we do get a break higher this wave count will need to be reevaluated.
I will be watching for volatility to pickup as this Longley awaited correction takes shape.
Levels to take note:
- 2490.9 - This years highs.
- 2453.8 - Watch to hold as resistance, possibly could form Head & Shoulders (Red line on chart)
- 2400 - KEY medium term support. If broken we will se a longer and deeper correction.
