The recent downward move on SPX has left everyone in fear, I am still not satisfied that this move is the last downward move of correction cycle (wave Z) rather i believe it seems like wave B of expanded flat of our bigger wave X. For this to be viable, I would not wish for SPX to loose the mentioned Fib pocket, I am hedging my short here once again with hope to see some upward movement, SL is tight for my long, will close my short if bullish move is confirmed.
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For sometime there, SPX went below that fib level 0.786, but we are seeing the 5 impulsive wave move upward, I believe the bottom is here.
I will be looking for SPX to reach the mentioned fib levels in upcoming days.
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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.