Did SPX just triple top on the 1.61 extension?
Updated
1.61 extensions can be a common level for false breakouts.
One of the times in which we know we can see 1.61 false breakouts is in Elliot wave 5.
This perhaps is reason we find so many 1.61 extensions at big highs.
We've been trading at this level for a while now. Tried to sell twice and now we have a wick after the news.
If this sells again, then we may have formed a triple top on the weekly at this big 1.61 level.
Can be a serious dump if that's the case. The termination of wave 5 would imply the spiking out of the 2022 low.
One of the times in which we know we can see 1.61 false breakouts is in Elliot wave 5.
This perhaps is reason we find so many 1.61 extensions at big highs.
We've been trading at this level for a while now. Tried to sell twice and now we have a wick after the news.
If this sells again, then we may have formed a triple top on the weekly at this big 1.61 level.
Can be a serious dump if that's the case. The termination of wave 5 would imply the spiking out of the 2022 low.
Trade active
I've been accumulating puts with a month or so on them over the last couple days.
In the coming days if we do not bounce I am going to start buying more aggressive short term ones.
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