Monday, August 25, 2014

SPX and NYA: (Insert Witty yet Germane Title Here)

Yesterday turned into "one of those days," so I'm going to have to keep the update short on words in order to

(Editor's Note: Our apologies, but the author has already exceeded his word limit for the opening paragraph.)

Okay then, let's get right to the charts here!

Last update I placed a blue (3) at Thursday's high, because the micro count seemed to show a complete wave -- but my confidence was low.  It turned out that micro count was correct, which allowed me to pick up a few quick points on the short side for the C-wave of (4), and hopefully provided readers with a rough location (blue (4) on Friday's chart) for dip-buying.

We may or may not have another 4th and 5th wave left to unwind -- to be determined in real-time.

The SPX 2-hour chart shows one "out on a limb" count, which is dependent on whether the aforementioned additional 4th/5th wave needs to unwind.

As noted Friday, NYA still suggests higher prices for SPX:

In conclusion, as of right now, the trend remains up and the wave structures remains pointed higher.  As this wave unwinds, I'll use the micro count to help determine whether the market is likely to continue beyond the first target zone (assuming it's reached, of course) or not.  Trade safe.

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