It’s the Tuesday before tomorrow’s Wednesday FOMC meeting.
I was expecting an overnight wave 1 – followed by a wave 2 drop in the morning – that’s what we got.
What followed next will either be a 3rd wave up or a fakeout.
For those who follow Ethereum, we suggested an optimal buy point at $165 – it is now $392 – officially more than doubled from our buy point in the Youtube video.
In the previous post, we were looking for the market to rally Sunday night – but it did not. Instead, it pulled back in that blue b-wave low. It appears the rally was delayed by a few days.
The previous S&P chart showed the potential completion of the C/4 th wave — but that was incorrect – as what happened is we made a new B-wave high – followed by a retest of 2413 ES – before reversing up.
Like the S&P, the Russell also made an overnight wave i followed by a morning wave ii drop – though there are several more A-B mountains intraday with a move up at the close.
After being crushed, on Friday and monday, the Nasdaq formed an overnight wave 1 and wave 2 drop in the morning. Whether it follows through on the bull set up through resistance remains to be seen. Resistance is noted in pink line below.
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