SPX made a HH and HL and closed in the positive. That is positive for the markets. It was a cloud walk day. SPX only corrected 12.5% towards the end of the day. Bulls had a fantastic day, but if I remember correctly I could not find even one of them yesterday. Bears got crushed and SPX went on to make the highest high since 666 low.
The chart above is SPX hourly. I cleaned it up a little bit. Wave 1 from 1010 to 1129 crossed 2 halves of a channel. If I expect the same 2 halves for wave 5 I see 1320 as a top. Incidentally the wave 3 from 1039 to 1227 took 3 halves. I have been focusing on the vertical movement and not on channel movement. Future will show how this works. Wave one took 186 hours I believe wave 5 should take 372 hours. SPX is 11 hours shy of that.
The emblem above is Gann. Feb. 5th last year was a low. It is very probable (rule of opposite ) this Feb. 5th should be a high. With 11 more hours to go and 360 degrees so close I am thinking this could be a true Gann moment at 1320.
I am still bearish
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