SPX Roadmap
Let's see what happens next. Given this is the third wave down, I expect it to be a bit deeper than the first.
Note
We need to recount this, as the previous medium-term count is invalidated.It seems the upside move still had a leg remaining, and we are now in a wave-c to complete the correction most likely.
I expect there to be a reversal once we hit the yellow wedge resistance. This also pushes the timeline further by a few weeks.
My trade: I took calendar spreads that will expire worthless, but I'm okay with losing 100% on it. I will take one more cal positon next week as it hits the resistance / 200MA
Note
^ Latest chart with updates.
Note
^ Alternate
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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.