Short

SPX Angst? God Mode Time: IDDQD

Updated

Disclaimer: This is not financial advice, and I do not have training sufficient to give financial advice. This is a hobby, but if you enjoy the chart then leave a like and follow.

Chart says it all.

Note

Updated targets.
WB TP1: $2,732 (38% WA)
WB TP2: $2,772 (50% WA)
WB TP3: $2,812 (61.8% WA)
WC/WIV TP1: $2,266 - $2,475 (100% - 162% WA)
WC/WIV TP2: $2,226 - $2,435
WC/WIV TP3: $2,186 - $2,394
WC/WIV Potentially to $2,072 (38.2% WIII) but no less than $1,803.85 (50% WIII)
WV: $3,759 - $4,048 (100% WI)

Note

Basically all WB targets have been reached. WB retraced 60.6% of WA by reaching 2807.85. If SPX is actually in an ABC corrective W4 then it is unlikely for WB to retrace much, if any, higher.

Note

All WB targets were hit. Since I assess SPX is in WIV (W4 correction), its price will likely continually dip/rise while slowly approaching the WC targets instead of sharply dropping as typical with W2 corrections. If price instead rises much further (> 71% WA) then we should consider whether SPX already began WV.

Note

If you get anything from this idea, good or bad, press like and consider following.

Note

Will post an accompanying chart later, but I suspect this morning’s (EST) SPX price drop to $2803.63 was a wave 1 or (i) of Wave C with the rise to 2813.86 being a 2 or (ii) retracement. The persistent lingering at $2813 is nerve racking, though remember a rise above 71% of WA (~$2843) is when we should consider being in WV.

Note

Here's the accompanying chart. Click for further context.

Note

Below is the useful info from above chart for those too lazy to click it.

Receive different low/high prices in 4H than in D/W/M TF for some reason (e.g., $2,604.04 low for W(A) in 4H instead of $2,603.54 low in M). Difference is mainly negligible but accounts for some oddities. Wave B of corrective W(IV) peaked around $2,815.15 and SPX -0.25% is now in w(i) of Wave C down. The reason for today's price lingering around $2,813 for so long is likely because w(i) will unfold as 3-3-5 wave. I've place w(i) - w(v) at roughly-plausible prices for how W(C) could unfold but did not use any precise calculations. With how much W(B) retraced, the most-likely W(C) TP range is currently $2,475 - $2,266.

Note

Possible Wave C (i) 3-3-5 count and (ii) TP. Two possible (i) 5 waves (ABCDE) depicted ending at $2722 and 2706. $2722 if completed yesterday and potential $2706 if (i) continues today. Potential (ii) TP $2765-$2805, based on approximately 50% to 90% of (i).

Note

Please like or comment if you enjoy this chart or would like to see it further updated.

Note

Click for full chart.

Teklologist

Related publications

XAUUSD Gold Spot: Targets for W4 and W5

by Teklologist

XAGUSD: In the Buying Range

by Teklologist

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.