S&P500 ~ an exhaustion gap open today was followed by a complete reversal in price....
Following up after yesterday's video...this morning we saw a gap open higher as an "exhaustion gap" which normally takes place in a fifth wave. In this case it was wave-v of (III). Price tagged the internal trend-line (blue) with a 900 point gain and then reversed for the rest of the day to close negative. The decline is three waves down and when looking at a 10 minute chart you can see a clear 5-3-5 pattern as an a-b-c correction. The low going into the close tagged the Fibonacci 38.2% retrace of wave (III) that we have labeled as wave (iv). It's important that this decline holds the previous wave-iv of (III) at 2612.00 if this is going to be wave (iv). The chart is labeled showing the alternate count as (a) (b) (c) which would mean today was the end of wave [c] of 2 and that the next big decline is starting. This is an alternate we're watching just in case! Tomorrow should be an important day in respect to the wave formation!!! Follow the Trend...