SPX is not looking good. We are currently fully paid for the uptrend channel breakdown target. However, head & shoulder breakdown target is not met and the attempt to climb back above the neckline was rejected today. Any further breakdown could drag the index to $3700 - $3800 area which represents 21% drawdown and 1.382 fib extension area.
I am hoping we don't pay head and shoulder breakdown measured move in full. What do you think? Do we see $3700 - $3800 before finding the bottom?
I am hoping we don't pay head and shoulder breakdown measured move in full. What do you think? Do we see $3700 - $3800 before finding the bottom?