Recent Downtrend in $SPX as an A-wave or a completed Zigzag?
If there were only 3 waves, then the recent downtrend completed all three waves (ABC), and the March low is the end of the C-Wave. If the recent downtrend was an A-Wave of a broader correction, then there must be 5 subwaves (1,2,3,4,5). In both cases, now we're looking for an impulse up (1 wave or a B wave, respectively).
I’m still in the bear market camp, so I think we're in the B-wave now. Typical retracements for a B-Wave are 50-79% of the A-Wave. The A-Wave started at 3393 and ended at 2191 for a total move of 1202 points, so targets for the B-wave fall between:
50% = 601 = 2792
79% = 949.5 = 3140
SPX
I’m still in the bear market camp, so I think we're in the B-wave now. Typical retracements for a B-Wave are 50-79% of the A-Wave. The A-Wave started at 3393 and ended at 2191 for a total move of 1202 points, so targets for the B-wave fall between:
50% = 601 = 2792
79% = 949.5 = 3140
SPX
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