In my 8/11 SPX post I noted my Market Profile - Volume indicator had support just below S&P E-Mini futures 8/11 low of the day.
I suspected that the SPX could rally in the early part of the session. The rally continued late into the day and the SPX made a new post crash rally high.
Today's rally shows just how difficult it is to predict even a short term drop. The SPX is probably in an Elliott Wave third of a third wave up from its late March 2020 bottom.
These structures usually have very steady rallies with shallow corrections.
Keep watching the Hourly Stochastic, if it reaches over sold zone and the SPX is in the support zone it could be a great opportunity to go long.
Mark
I suspected that the SPX could rally in the early part of the session. The rally continued late into the day and the SPX made a new post crash rally high.
Today's rally shows just how difficult it is to predict even a short term drop. The SPX is probably in an Elliott Wave third of a third wave up from its late March 2020 bottom.
These structures usually have very steady rallies with shallow corrections.
Keep watching the Hourly Stochastic, if it reaches over sold zone and the SPX is in the support zone it could be a great opportunity to go long.
Mark