Projection of movement in the S&P 500 over the next month. Three potential paths identified for down trend bouncing up from three established levels of support along the (1997 - Present) rising fibonacci channel.
Year to date accumulation of volume (red line) places the point of control (POC) at the lowest probable support level.
First (highest) probability is for a bounce up from the bottom of the rising reverse-wedge,
Second (mild) probability is a bounce up from the next level of support below the reverse wedge,
Third (least) probability is a bounce up from the 2nd level of support below the reverse wedge which is also the point of control based on concentration of volume.
Year to date accumulation of volume (red line) places the point of control (POC) at the lowest probable support level.
First (highest) probability is for a bounce up from the bottom of the rising reverse-wedge,
Second (mild) probability is a bounce up from the next level of support below the reverse wedge,
Third (least) probability is a bounce up from the 2nd level of support below the reverse wedge which is also the point of control based on concentration of volume.