As you know I was expecting a larger C wave down. In fact that EW count got confirmed from today’s down move. Once we see 5 waves down we should see an abc retracement. At that time I will add more shorts. You might be right that we could go down to 56 to complete 5 waves down.
Looks like Wave 1 of ‘C’ completed. So expect a retracement to upside in an ‘abc’ fashion. Once that is completed we should see downward movement again to complete C wave. IMO it is still in correction.
No confusion there. It is in ‘C’ wave correction. Wave 1 or a of wave C has completed. It is now going up to complete either 2 or b wave of C wave. When the up move is finished it will resume its downtrend.
Ripple Effect 
Hi,
As of today’s market do you see FB upside still . My count tells we’ve to see 56 range before heading up
thx
Hello Kiran,
As you know I was expecting a larger C wave down. In fact that EW count got confirmed from today’s down move. Once we see 5 waves down we should see an abc retracement. At that time I will add more shorts. You might be right that we could go down to 56 to complete 5 waves down.
Hi,
As this crossed 55 and SPX also looking very bearish, my guess us it should test IPO price of 40s . Please update wavecount
Thx
Hi,
Confused a bit about wavecount now. Is FB donewith correction (or) more downside ?
Thx
Looks like Wave 1 of ‘C’ completed. So expect a retracement to upside in an ‘abc’ fashion. Once that is completed we should see downward movement again to complete C wave. IMO it is still in correction.
Hi,
Is FB done with correction? Looks like one of SPX wave counts point to 1920!!. If that’s the case FB correction is done.
Pls comment as wavecounts up/down are bit confusing.
No confusion there. It is in ‘C’ wave correction. Wave 1 or a of wave C has completed. It is now going up to complete either 2 or b wave of C wave. When the up move is finished it will resume its downtrend.
Thx , Since SPX and FB pretty much moving in tandem, does that mean SPX makes little up before crashing down? It’ll be interesting to see this.
Thx
Hi,
Looks like FB correction done. If i’m not wrong SPX and FB should move down in tandem
Thx
I am not really following SPX but you could be right.
Hi,
Are we in C wave , or a W-X-Y correction where Y up is still left towards 64 and then drop to 47 level
Please update
Thx
Hi,
The triangle on FB , is that breaking upwards? or down , Please comment.
Thx