Looking at the chart I can see that there's still potential for the US market and SPX in particular, but it looks like we are going to a major correction soon. Depending on the form of the wave A and currently unfolding B, I highlighted red dangerous zones with potential reversal patterns.
Overall we have these possible options now: 1) Zigzag ABC (no higher than ~4.6k) 2) Flat ABC (no higher ~4.8k) 3) Extending Flat ABC (can be ~5k) 4) It's a wave B of correction wave so then after some consolidation after wave (v) we should form Minute wave 5.
Keep longs for now, and keep watching.
Overall we have these possible options now: 1) Zigzag ABC (no higher than ~4.6k) 2) Flat ABC (no higher ~4.8k) 3) Extending Flat ABC (can be ~5k) 4) It's a wave B of correction wave so then after some consolidation after wave (v) we should form Minute wave 5.
Keep longs for now, and keep watching.
Comment:
(iv) is moving to the right low, the count remains valid, should bottom soon
Trade active:
This is the bottom
Comment:
I still keep my position though the bottom was on 27 Oct. The rally is coming after some correction any time soon.