The Market Pulse

W.v of w.(v) of w.5 continues to subdivide. Nothing that transpired yesterday changes my view of this market as depicted in this weekends edition of Heard On The Street however I wanted to show readers what transpired after the market closed.

Here's the chart for the March contract. The sell off after 4:15 pm est along with the sideways price movement for the most part of yesterdays session looks like a complex combination correction is unfolding. If this count is correct, the remainder of w.iv (blue), i.e w.y can unfold in a triangle whereas price will move sideways or in a zig zag where price would decline to 132150... a .382 retracement of w. iii.

Certainly this muddles the count against either the $SPX or ES1-057 charts as they appear to be moving higher although awkwardly.

Let's see how the market opens.

Best of Trading