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Sunday, April 15, 2012

$SPX and $ES_F: EW count and divergences.


The chart,above, and the one, below, show a 20 days time period and 15 min timeframe for $SPX and $ES_F, respectively, and we found important divergences between both charts:

1.- The $ES_F chart do not confirm the higher high from April 2.

2.- It appears as minor wave 3 (green) was reached first by $ES_F, on March 27 and after by $SPX, on April 2.

3.- In any case, what appears as an impulsive wave, in both charts, starting at April 2, seems to be waves 3 and 4 in the $SPX and waves 1 and 2 of 3 in the $ES_F.

4.- The corrective wave, beginning at April 10, in both charts, seems to be a wave 4 in the $SPX, respecting the third EW rule and a wave 2 in the $ES_F, because it can't be a wave 4, because hasn't respect the third EW rule.

$ES_F ($SPX Futures)

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