Bears Beware
Updated
The S&P 500 is setup in a third wave extension, likely to burn out around the 448 range. The pullback to follow this will likely start out slow as bulls pull back their bids overall. Expecting this pullback to proceed to the $422-$428 range in early-mid august. I am best at predicting what, not when. Trend lines do great help in trying to assess the pace of the wave-count.
This pullback will be the setup for one last bullish reclaim that could have us seeing as far as $460 before this correctional is completely finished up. This is one of the largest most substantial correctional waves we've ever seen on the S&P 500.
This pullback will be the setup for one last bullish reclaim that could have us seeing as far as $460 before this correctional is completely finished up. This is one of the largest most substantial correctional waves we've ever seen on the S&P 500.
Comment
It appears the day we posted this was the top of wave 3 - hindsight is always 20-20.Expecting to see a resurgence this week followed by the pullback towards the same original trend line indicated above.
Comment
It appears we will see the $448 price zone before we see the wave 4 pullback! In hindsight, this actually looks a lot better structure wise than what I had originally.
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