Update: Stock Market Relief Rally Completing
The Fib set on the left is a setup I recently posted (see linked idea). I still consider this setup valid as it didn't quite reach it's target but look how well price action respected both the 127 and 161 extension levels after moving forward.
In addition I'm following a new Fib set (right side of chart) with a midpoint (yellow circle) suggesting a similar target of about 2732. This coincides nicely with the initial Fib set for a level to re-short this market.
BTW I'm not Mega-bearish on stocks and expecting impending doom but I do see another swing lower incoming. Lots to consider geopolitically with US Midterm elections coming and corporate stock buyback programs getting going again...
In addition I'm following a new Fib set (right side of chart) with a midpoint (yellow circle) suggesting a similar target of about 2732. This coincides nicely with the initial Fib set for a level to re-short this market.
BTW I'm not Mega-bearish on stocks and expecting impending doom but I do see another swing lower incoming. Lots to consider geopolitically with US Midterm elections coming and corporate stock buyback programs getting going again...
