This June E-Mini SP500 contract crossed
to a new bull market high with a three wave pattern. This is diagonal in nature and I can even call it an ending diagonal. This can also be part of an expanded flat so it is something I have to keep in mind. The DJIA rolled over with a better impulse starting out and I will use the same basic count for the SP500.
Overall the patterns are very choppy so we have to see if a surprise is in the cards. Right now the E-Mini still looks like it is in a bearish rally so I would assume that another leg down is still to come.
In total, if all things are true right now I would need 5 waves down in Minute degree and we would just be getting started.
Short term on the intrday scale it is much harder to catch turnings but I will be looking for the bearish mood to strike once again.
The SC and GSC degree wave counters finally get another down leg which eventually will get smashed as well. Why? Because SC and GSC degree wave counts have never been confirmed or updated by the majority of wave counters today. I saw one wave count that had the 2009 bottom as a SC degree bottom, (Tony Caldaro) and I was shocked to see this as nothing can justify this base.
From about the July 20th peak no clean impulse waves have formed as they were all choppy and I cannot include them as Minor degree 1-2 wave counts.
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