SPX - Short term bottom is in place
(This is an update from my previous post)
With most oscillators now oversold, the stage is set for the last leg of the second wave. This C wave, part of an irregular flat construct, will at minimum erase the preceding B wave, and probably overshoot it. A .618 retracement should provide a reasonable target. If the low is indeed in place, 2160 is the number to watch. In terms or timing the A wave lasted 8 trading days, so did the B wave. So we can expect the C wave to last somewhere from 8 to 16 days.
With most oscillators now oversold, the stage is set for the last leg of the second wave. This C wave, part of an irregular flat construct, will at minimum erase the preceding B wave, and probably overshoot it. A .618 retracement should provide a reasonable target. If the low is indeed in place, 2160 is the number to watch. In terms or timing the A wave lasted 8 trading days, so did the B wave. So we can expect the C wave to last somewhere from 8 to 16 days.
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