SPX - Bounce may be finished here
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The B wave I was watching for may already be finished, in which case a C wave to scare people into, (or after) the elections may be next. This idea is invalid if they can get over and hold 3800, but so far the pitchfork Fib's is holding price back. Target for C would be approximately 3600 but probably under to test the strong support zone.
Closing under the daily 18ma at 3760 would be a bearish sign. It's possible we are also forming a larger triangle, in which case we will chop around in here into the end of the year, but not break the Oct. lows. Good luck!
Closing under the daily 18ma at 3760 would be a bearish sign. It's possible we are also forming a larger triangle, in which case we will chop around in here into the end of the year, but not break the Oct. lows. Good luck!
Note
Larger triangle idea Note
pitchfork fib acting as resistance again Note
It's going to be choppy, maybe this into the election. Any rally up should be a sell Note
Note
Looks like this is playing out. If they rally up past today's high into the election it's likely a sell, if they sell down to 3600 or lower, it's likely a buy. My guess is lower into Tuesday then rally after. Note
SPY closed above the 18 - bullish, so maybe the B wave finishes before the election and then we sell down for C. Note
weekly candle still solidly under the 18ma, so larger bias is still down until that is taken out Note
gap down on futures open was bought at fib support, If it holds, B may go up past 3820 and then sell for C would be next Note
3850ish possible for B - not 3820
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