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Sunday, June 28, 2020

Elliott Wave Sunday Night Futures, Charts and Stuff

With a renewed focus on a possibly unfolding Minor wave 1 of Intermediate wave (3) down, there should be robust count(s) that take into account the inevitable robust market rebounds.  I always do this in my head, but I'm going to start charting it and providing it in daily updates.

Its best to anticipate possible gap up opens, maybe even big gap opens, and take that into account on the larger wave count. We seen in (1) down it was incredibly volatile with both rip-your-face-off rallies and maniacal market plunges.

We have several pathing options for Monday's trading in the context of Minor wave 1 of (3) down.

1. Gap down. Would likely be near the "third of a third" down for wave (i) of [iii] of 1.

2. Gap open that forms a 3-3-5 expanded flat [2] and is rejected at the possible down trendline.

3. Gap open that runs higher and backtests the broken price channel.  Would be wave [C] of ii in a downward 3-3-5 flat.
A closer look. The 1 minute chart shows 4 pathing options (alight variation on the upper most)
This is the all-hours e-minis. It has its own price channel line which is of course a bit different from the cash index.  Prices are currently engaged with it.
Looks like it made it over just fine.  Heading to bed, I would expect prices will continue to work their way up as the night goes on.
One more. Accelerating over the base channel.  I'm thinking option 3. above. Backtest of the broken price channel.
SPX from the context of the Wilshire.






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