This is continuation of my SP500 study.
The downtrend continues, and looks to have made a wave 3 down.
I think wave 3 is just about done, so we should see a bit of a bounce soon.
But I am thinking the bounce will be a bull trap (wave 4) and then resume downard momentum.
Given the Holidays and Year End rebalancing, there might be some wild moves for next couple of weeks.
It should bounce a bit here soon, but I think sellers (and bulls under water) will jump in and sell pretty quickly.
We should see at least one more leg down before any serious retrace can be exepcted.
I do expect 2200 to be the bottom for a while, perhaps for 3-6 months while things get sorted.
If it goes lower right away, then stock markets are in much worse shape than even the chart indicates.
Lets see how this plays out after the Holiday, and into the New Years.
Background:
My SPX journey started in early October 2018, when the first dip hinted at a move to 2500 per this plan
As it was dropping, I did see some opportunities to long such as this plan:
Once the above plan played out and hit target, I was pretty sure it would fall again
So as the downtrend has increased momentum, now it looks like 2200 is in the future
The downtrend continues, and looks to have made a wave 3 down.
I think wave 3 is just about done, so we should see a bit of a bounce soon.
But I am thinking the bounce will be a bull trap (wave 4) and then resume downard momentum.
Given the Holidays and Year End rebalancing, there might be some wild moves for next couple of weeks.
It should bounce a bit here soon, but I think sellers (and bulls under water) will jump in and sell pretty quickly.
We should see at least one more leg down before any serious retrace can be exepcted.
I do expect 2200 to be the bottom for a while, perhaps for 3-6 months while things get sorted.
If it goes lower right away, then stock markets are in much worse shape than even the chart indicates.
Lets see how this plays out after the Holiday, and into the New Years.
Background:
My SPX journey started in early October 2018, when the first dip hinted at a move to 2500 per this plan
As it was dropping, I did see some opportunities to long such as this plan:
Once the above plan played out and hit target, I was pretty sure it would fall again
So as the downtrend has increased momentum, now it looks like 2200 is in the future
the Golden Ratio is my Religion
the Trading View is my Nation
the Moderator Tag is my Flag
the Trading View is my Nation
the Moderator Tag is my Flag
Related publications
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.
the Golden Ratio is my Religion
the Trading View is my Nation
the Moderator Tag is my Flag
the Trading View is my Nation
the Moderator Tag is my Flag
Related publications
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.