The 60mins has now clipped the 61.8 Fib retrace with waning momentum. Just as we had bullish divergences on the low, we now have bearish divergences coming in right here. I belive this could complete an ABC flat off the low. Note this would coincide nicely with an S&P500 top. Everyone will be thinking that we have "broken out" from 4200. Bull trap?
XJO 60mins:
XJO 5mins:
A perfect 5 wave move into this high. Divergences also in place.
Am I going early? Sure. However, this setup is just so appealing right now. If you want a entry trigger, use a move back down below 4200 to get short.
Austin
