$SPX 15 Minute: The market is making a little divergence on the 15 minute time frame with a possible inverse H&S bottom. If that continues and a bottoming process holds the bottom trend line, this over lapping wave structure the past few weeks could be finished! The next couple days should provide the answers to that thought.
$SPX 60 Minute: Same thing on the 60 Minute. A little divergence might be forming while price tests support. We should be watching to see if price holds this price zone while turning up the MACD! There's room for a small push lower in this bottoming process and retesting the bottom trend line.
$SPX Daily: Price tested the price and trend support lines today on the daily time frame. Maybe a little Doji today. The next couple days should be interesting, it should provide a better clue if my wave C has finished or something else is going on! Again, a more firm test of the prior low is viable as a finish to C.
Note: If we are going lower, below the bottom black channel line it's because the weekly time frame is more dominant with a MACD sliding lower. The weekly time frame could pressure prices lower.
However, in Time Frame Indifference, the monthly MACD has yet to top and roll down, which could prevent the weekly time frame from exercising any significant downside force. This conflicting Time Frame Indifference is why I like the idea of ABC expanding in ABCDE for wave 4 as the different time frames resolve themselves. The next couple days should provide enough pricing to gauge my wave C as finished or not.
The overlapping structure down from the May top still doesn't look overly bearish. Price would need to sell off hard below the bottom black trend line.
My Watch List: I wasn't even around a computer today it was so busy, so I have no fresh trading ideas.
From My Trading Desk: No trades today, and I still like keeping it light.
J.D. Rosendahl, Rosey