June S&P chart, possible 5 waves down complete

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There is lot more to charting that simply drawing some lines, more importantly is the sentiment out there.

The scenario I chart below might fit the mood we are seeing out there, wave 5's are typically times of acceptance that things suck and its ugly out there which can lead to relief rallies.

How deep the wave 5 goes is debatable here, no good clues yet if this does indeed bounce, but if it does, this would be the level I expect to see buyers come in.

Quote:

Originally Posted by BobK 

I don't draw trend lines, channels or anything else on a chart although I can. I trade via the auction and I only watch customized pivot points.

 

 

Why limit yourself?

Its like saying "I only eat chicken!"

You are missing out on all the other great meats!