SPX bounced as expected: S&P500 retrace watch

26 déc. 2018

This is an update to my ongoing analysis of the S&P 500 index outlined below.

I was last expecting a bounce, and wow we got one heck of a bounce allright.
The move resembles a classic wave 3, which I think is near complete.
So now we should see a wave 4 pullback and then a wave 5 to complete the bounce.

After this 5 wave bounce, I think we will consolidate for a while and then take another dip.

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Background:

My SPX journey started in early October 2018, when the first dip hinted at a move to 2500 per this plan

As it was dropping, I did see some opportunities to long such as this plan:

Once the above plan played out and hit target, I was pretty sure it would fall again

And as it fell and fell, I saw a bounce coming:

So now I am measuring the bounce, and expecting it to fade at some point

28 déc. 2018

Note

Well the lower retracement played out perfectly looks like it wants to go higher, but I doubt it will get much more buying before another dip. But lets see, I am holding some longs overnight.
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28 déc. 2018

Note

Further thoughts on the price action with notes on the chart I missed an important band made up of a 3.618 and 2.618. But the rest of the bands certainly proved there presence.

28 déc. 2018

Note

Check out the EXACT tests of the fib boundaries. admittedly that mostly Asian session price action on futures, but this happens in all assets during all levels of volatility