Upon further inspection it looks probable that SPX has topped.
Price has become bearish precisely at the 1.618 reverse retracement (just like Bitcoin).
This same 1.618 was also the previous top.
In addition price has moved further down relative to trend than any time since the bottom.
Price may bounce and perhaps fill the gap, but good chance it won't get passed 1.618. If it does I will reassess but for now I am short.
If this is a significant top then there is 0.618 confluence around $2.9K and I would expect price to get there.
Not advice.
Price has become bearish precisely at the 1.618 reverse retracement (just like Bitcoin).
This same 1.618 was also the previous top.
In addition price has moved further down relative to trend than any time since the bottom.
Price may bounce and perhaps fill the gap, but good chance it won't get passed 1.618. If it does I will reassess but for now I am short.
If this is a significant top then there is 0.618 confluence around $2.9K and I would expect price to get there.
Not advice.
Note
Previous top. Note
I think most likely rejection point is the 50Dma which is also where the long term 1.618 is and and 1:1 ABC would be and is also a 0.618 retracement from the top.Also probable that gap fills.
If price drifts passed long term 1.618 then I'll look again.
Note
Weekly candle closed plumb on the 1.618. Pure theatre.Note
We might stop off at 0.618 before an even wilder wave up, but the Burry outcome is also on the table. You have to zoom out to really take it in...Note
New VXX thread in linked ideas.Note
SPXUSD - Reversal plumb on long term 1.618 and 0.618 retracement.The crash is on.
Note
Looks like an ABC 1:1 has been hit - slight slippage on SPCUSD probably. This will probably at least get back to 0.382 maybe up to 0.618.Note
Looking impulsive here for first day of the month and plenty of RSI divergence. This should get back to 0.618 I think.Note
Looks like the retracement was 0.5. This is almost certainly a continuation pattern here. Could be another small bounce but its going to get wild soon enough.Note
After a domed bottom SPX has retraced to 0.7, a common fakeout area of 0.618. The short squeeze will probably complete in this area and bearish trend resusme.
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Your FA guru can't read a chartðŸ’
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I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
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Related publications
Disclaimer
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