I Haven’t Much to Add Here; Here’s Some Micro Counting

Haven’t much to add. My present view remains unchanged. The question at hand is whether minor (green) B is in, or whether it’s going to become an expanded flat and go higher first, before heading lower (I mean, strictly-speaking, it’s an expanded flat now, having poked above the old high; so rather, I should say, “an even more expanded expanded flat).

I will note that if we wanted to count the high as in, we are able to do so here. The move off the spikey high on $SPY looks like an excellent impulse (the orange 1 at today’s low), and the move up from that is in three waves, and so looks corrective (the orange 2), and the shallow drop after that also looks impulsive as well (the little red 1), etc. We at least have the ingredients here for 1-2-1-2 pump to the downside. If all goes according to plan, that should lead to a gap down Monday taking us at least to, if not through, the orange box below.

So, we’ll have to see what happens next week. I do find it interesting that we’ve rejected the prior all-time highs twice now.

SPY


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