The Daily S&P and Dow Futures charts had triggered LONG on the Type One and Stochastic setups. For reasons stated before (Time Frame Conflict) I had not triggered long. I'm waiting until we have a clear direction and an agreement between the Daily and Weekly charts before I commit long term.
Today, however, we have made a lower low in the Wave 4 on the Daily chart. That means we will have a recount once data for tomorrow's bar shows up on the Daily chart. Wave 4 will adjust to the new low, and we will reset the PTI and Wave 4 Channels. It remains to be seen whether or not the rules on the Daily will be met. We could have a violation of the Wave 4 Channels or the PTI once this new count is established. That would offer us some more clear direction on whether to believe the Daily or the Weekly chart at this point in time. We'll examine that more as the week goes on.
Be Prepared!
nate mccartney
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