Corrective move is not over yet.
Updated
Thanks to the bears during the Friday trading session the index ended below support and broke down out of a bear flag. The same move happened with the NASDAQ.
The first major support area for the S&P500 now lies around 3230 points. In this wave count the index can not break that support or else wave 4 would enter the wave 1 zone. If the wave count is incorrect, the second major support area can be found near 3150 points.
The first major support area for the S&P500 now lies around 3230 points. In this wave count the index can not break that support or else wave 4 would enter the wave 1 zone. If the wave count is incorrect, the second major support area can be found near 3150 points.
Comment
Nice bounce from the support line but sellers will be looking for rejection around 3310 points. If true, expect lower lows.
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