S&P 500 (SPX) - Dangerously Close to Peak of Wave 1 / Crashing
The S&P 500 has already reached out to a full 4.236 extension this market cycle, which makes it less likely that it would go on in the near future to new All Time Highs and puts it in a higher risk category for now being in a Bear Market.
After its crash, it had reached back to a 0.618 Fib Retracement of its high, but fell short of the .702.
It currently is dangerously close to its recent low, as well as the peak of Wave 1 of the last uptrend of its Bull Run.
If it were to break below the top of Wave 1, then this would signal a crashing structure.
I am setting Sell Alerts for the range between its recent low and the top of Wave 1 (Stop Loss), as well as around the 0.618 Fib Retrace level again, because if we are in an ABC corrective wave in a Bear Market, a Wave C retrace would likely top between the .618 and .702 price levels. Exercising extreme caution in current volatile market conditions.
After its crash, it had reached back to a 0.618 Fib Retracement of its high, but fell short of the .702.
It currently is dangerously close to its recent low, as well as the peak of Wave 1 of the last uptrend of its Bull Run.
If it were to break below the top of Wave 1, then this would signal a crashing structure.
I am setting Sell Alerts for the range between its recent low and the top of Wave 1 (Stop Loss), as well as around the 0.618 Fib Retrace level again, because if we are in an ABC corrective wave in a Bear Market, a Wave C retrace would likely top between the .618 and .702 price levels. Exercising extreme caution in current volatile market conditions.
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