Short

A massive selldown is potentially coming for #SP500

Updated

As the chart progresses, old post was shared wayback Dec 2022 when the index has completed the Wave A leading Diagonal, the 1st impulse of the 3-wave corrective of the bigger cycle.
Currently, Wave B might have already topped off on the rejected 4600 zone.
I'm seeing a potential 3rd and the last impulsive of the greater corrective cycle which is at an unbelievable level estimated to be around 3276 by May of 2024 as target of the time completion.

Disclaimer: Not a financial advise. Idea is only based from the analyst's perspective applying Wave and Time Theories.

Note

SPX
The US Equity Market rallied for the 4th trading session last night follwing the decline of the bond yield after breaching its last Multi Year high of 4.362% down to 4.11% closing in NY session.
Investors shifted sentiments to equity markets with the growing sentiment that FED would stop hiking rates this coming Sept 19, 2023. But with still upcoming NFP (nonfarm payrolls) on Friday, there is yet to finalized whether its decision is final as per Jackson Hole symposium speech by Powell.
Technical: The chart is telling something, a daily supply gap formed after SPX hit its last high at 4600 psychological level. Once these gaps are filled, there could potentially be a continuation to the main trend to the downside.

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The sell down continues as the bond yield edges higher as high as 5% after FED Powell speech.

Note

H4 Update as of 20th Oct Closing. Could potentially extend its decline to as low as 4167 before a relief to the upside. The bear in higher degree remains dominant. The downtrend is estimated to have its duration until May 2024 by virtue of wave and time theory and worst could breach the level to as low as 3352 (4.618 fib extension). Green and Orange boxes are identical in price distance and time duration.

marketpainterPH

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