Stocks Plunge!! 📉 😱
Stocks have tumbled overnight in tandem with Asian stocks who sold off after Alibaba shares in Hong Kong tanked more than 5%. There is strong support at 4350, but that is more than 100 points away from highs. This is a significant dip for the S&P, but we should find support at current levels. This is a 0.618 retracement from the bull run since the beginning of July. We were due for a good dip, and this appears to be an Elliott Wave corrective impulse. We are highly likely to find support at current levels, but if not, the 50% Fibonacci level at 4315 should hold.
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