SPX: an alternate EW count if 4216.45 breaks
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SPX and markets overall are slaughtering bulls for the last couple of weeks. Now bloody Monday is the trending search on google search. If the last low breaks, I am not super convinced that market will go in a free fall. Even though anything is possible, there is a lot of support between 4150 and 4000. So, if we don't see some circuit breaking 5% down moves next week, it is very likely that the correction is on its last legs. However, breaking 4216.45 will also mean that the motive wave is over, and wave 4 count is invalidated. Instead, the macro will count as a diagonal ABC move for primary wave 3 with C leg to the upside following the current correction. And just like a motive wave 3, a C wave of diagonal wave ABC will also be quite strong. It might take SPX to close to 6000 in short few months.
So, either we will see a waterfall down to 3k or a melt up to 6k starting in the next couple of weeks. It will mean fast reflexes and market buys and sells to keep up.
So, either we will see a waterfall down to 3k or a melt up to 6k starting in the next couple of weeks. It will mean fast reflexes and market buys and sells to keep up.
Note
Bearish case:Note
The bull case was spot on. Thankfully made me quite a bit of money!!
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