S&P 500 Index Short target 2368.xx to 1725.xx
Hello friends,
Looking at the weekly chart I did a wave count and by the count, I have a correctional B wave with a target at 2935.xx to 3135.xx, when this wave completes I expect to see a deeper retrace for C wave with targets indicated on this chart. A most likely target is the golden ratio, I have measured the SPX common retraces of the past years and they are most definitely 61.8% (Golden Ratio).
I have also included my idea of a truncated 5th wave making it a double top. The reason is that when we bounce from the bottom, we will be meeting very strong resistance at the top and we should expect a strong reaction. SPX will take a dip and most likely bounce somewhere in the vicinity of where the current B wave ends. Then we should see higher highs after the truncated correction (if we ever get back to normal).
Cheers!
Looking at the weekly chart I did a wave count and by the count, I have a correctional B wave with a target at 2935.xx to 3135.xx, when this wave completes I expect to see a deeper retrace for C wave with targets indicated on this chart. A most likely target is the golden ratio, I have measured the SPX common retraces of the past years and they are most definitely 61.8% (Golden Ratio).
I have also included my idea of a truncated 5th wave making it a double top. The reason is that when we bounce from the bottom, we will be meeting very strong resistance at the top and we should expect a strong reaction. SPX will take a dip and most likely bounce somewhere in the vicinity of where the current B wave ends. Then we should see higher highs after the truncated correction (if we ever get back to normal).
Cheers!
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.