Taking out all the time-consuming overnight chop on the futures market and looking at $SPY, it still looks like a clean leading diagonal for 1, and we should be in the 2 now (which can go deep coming off of diagonals). This will invalidate below the mini-crash low:
5 thoughts on “Counting Cash ($SPY) Still Looks Like a Clean Leading Diagonal”
I’ve never read so many bearish comments. “RUT headed to pre-covid support” (1900 -> 1700), “the longer we stay in current zone, higher the odds of breaking monday’s low”, etc…. Only good news I can see is Cramer telling viewers to sell their tech to buy oil stocks lol.
I agree. All I see everywhere are bearish comments and expectations for fresh lows. I suspect they will be disappointed and forced to chase into rising prices.
With all due respect I disagree with the count, structure looks corrective from monday to FOMC.
Also big guys haven’t bought the dip on monday.
It’s possible, I suppose we shall find out soon enough
Note, you were affected by the goof I mentioned in this post: https://dereckstrades.com/2022/01/31/if-es-can-muster-a-rally-today-heres-what-i-would-expect/
If you could re-request to join the private feed, I would be grateful. Sorry for the goof.