Time scale: 4 hours.
Status: SMI is turning down against the 2/20/20 highs at 11270
- where the intermediary wave (C) is favored ended a cycle up in wave Y (circled) from the 12/27/18 lows at 8138.56
- where the wave X (circled) has printed a bottom correcting the cycle up from the 2/11/16 lows at 7425.1 (not shown)
- where the daily right side is up.
Trading idea: While bounces remain below 11270, expect index to extend lower in at least another swing down. Hereafter, the trend up may resume or produce a 3 waves bounce at least. We dont recommend short selling, since the daily right side is up.
Status: SMI is turning down against the 2/20/20 highs at 11270
- where the intermediary wave (C) is favored ended a cycle up in wave Y (circled) from the 12/27/18 lows at 8138.56
- where the wave X (circled) has printed a bottom correcting the cycle up from the 2/11/16 lows at 7425.1 (not shown)
- where the daily right side is up.
Trading idea: While bounces remain below 11270, expect index to extend lower in at least another swing down. Hereafter, the trend up may resume or produce a 3 waves bounce at least. We dont recommend short selling, since the daily right side is up.