SPX - 3day
Updated
Last year's 3rd wave hit massive extensions. Anticipated correction is playing out in complex form typical of 4th waves. Could be a triangle most often seen in 4th waves (red lines), or could be something else. Hardest wave to predict. Regardless, price is back within the target retrace box as calculated on log scale. Took my long-term positions off in December, admittedly missing part of the final move up. Looking to go risk on again within the next few weeks. More details on smaller time scale to be posted soon.
Note
Wow, played out pretty well. I'd move the green 3 over to Sep '18, but how about those targets and support! Just reviewing some old ideas after being away for a while.
Related publications
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.