I've heard arguments that we're going to bounce off of the 3400 (black line) mark on SPX, a 38.2 retracement of the Recent October upswing, and up, up, and away. This makes no sense to me given market conditions. If we look only a month back, and the real meteoric rise of the market from March to Sept 3, and do a retracement, we have a log way to fall still (green lines for FIB levels).
I see us on the C wave of an A/B/C correction with a ways to go down on this leg.
*NOT FINANCIAL ADVICE - NOT A FINANCIAL ADVISOR*
Commentaire
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Still headed right about where predicted. I see somewhere just above 3150 61.8 FIB Retrace of Full March-Sept run, 200 Day SMA, and a nice 1.618 Wave C all pointing at the same spot to me.
Agree, we are pretty far above that 200 day MA. Most real corrections like to touch or come close to that level. However, FOMO can have an outsized affect on the market as we have seen over the last several months. A corrective wave B can actually go as high as 1.2x of the motive wave before it corrects back down on Wave C. That is above the 3600 level. Don't be surprised if earnings FOMO pushes S&P back to an ATH before the correction.
Thanks for the chart.
wolffarchitecture
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I AGREE with the Dr. and I AGREE with NOtSwift Correction Target of 3060.
Personally I believe we have until mid NOV. before the 3060 (or lower) downward correction takes place, based on the wave count maturity of other Indices and Dollar
Maybe 1 or 2 more dip buying on Monday, then wait to sell the week afterwards.
Thanks for the chart.