My 3/8/17 post noted the intraday SPX may have completed an Ending Diagonal Triangle as of the 3/8/17 low.
Today 3/9/17 after a small rally the SPX broke below the low of the supposed EDT eliminating the wave count.
The intraday wave count is very choppy and implies the decline from 2401 is just a correction within the larger bull market from February 2016.
While its possible that near term the SPX could rally to new highs the daily momentum indicators suggests more downside.
Daily RSI is 60% which is the upper end of the neutral zone.
Daily MACD had a bear cross just four trading days ago.
The broad target price zone for a bottom is in the 2270 to 2300 area which could be reached by late March.
My next post will examine more precise time a price calculations for what appears to be a Minor wave "4" bottom.
Mark
Today 3/9/17 after a small rally the SPX broke below the low of the supposed EDT eliminating the wave count.
The intraday wave count is very choppy and implies the decline from 2401 is just a correction within the larger bull market from February 2016.
While its possible that near term the SPX could rally to new highs the daily momentum indicators suggests more downside.
Daily RSI is 60% which is the upper end of the neutral zone.
Daily MACD had a bear cross just four trading days ago.
The broad target price zone for a bottom is in the 2270 to 2300 area which could be reached by late March.
My next post will examine more precise time a price calculations for what appears to be a Minor wave "4" bottom.
Mark