SPX downward targets
The V-shape recovery in 2019 reversed in early May with a 7.7% pullback. So I think that would be a minimal target.
A 7.7% pullback from the recent top is 2721. However that is only 30% down from the recent top.
At 38.2%, the target becomes 2666.
At 50% the target is 2573.
At 61.8%, the target is 2485.
I am no looking beyond 61.8% unless Fed is giving up.
A 7.7% pullback from the recent top is 2721. However that is only 30% down from the recent top.
At 38.2%, the target becomes 2666.
At 50% the target is 2573.
At 61.8%, the target is 2485.
I am no looking beyond 61.8% unless Fed is giving up.
Note
Note 7.7% pullback happens to be the 50 DMA. .
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.