S&P 500 Waves - I think it has one last push before it tanks

My latest musings, so take it with a big grain of salt. I think it has one last hoorah before it rolls over. That would be the 3rd sub-wave of corrective wave B (we have not seen that yet). I expect some kind of Fed news by the end of the month that will be the catalyst to pump up the stocks to achieve this.

The key to look for in all of this is the breaking of the support line. I expect it to be tested at least one more time (maybe right before the next push). But once it is clearly broken this train will make several station stops on the way to the bottom. Maybe ending in late July or early August.

Hope this helps and good luck.

Commentaire:

My guess is the shape of this corrective will look like the once from May 1st - 11th but on a larger time scale. I would guess that we are at the same stage as May 7-8.

Trade fermée: ordre d’arrêt atteint:

Well, that sucked. I was hoping for a quick test and bounce today. Instead, we broke the support line and stayed below all day. I bought a little right at the absolute bottom today and hoped for a rally for some easy money, but sold at the end of the day for a minuscule profit. Not saying we will not bounce up and down going sideways for the next few days or weeks, but stick a fork in it this bull rally its done.