Geofftv1
Short

SPX - In 3rd Wave down.

SP:SPX   S&P 500 Index
Well SPX smashed through the resistance line last week and is well in its 3rd wave down.
Momentum is still down with no divergence which indicates that this 3rd wave has
some way to go yet.

I have marked a possible target zone for wave 3 at the 161 & 200% fib levels of wave (1)

Good Luck and Merry Xmas!
Im conflicted, I think we may see 2326 in early trading today to complete 3rd wave, oh well lets see!
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Geofftv1 Trendhopper
@Trendhopper, Market is only open for a short time today and I don't expect much to happen BUT you never know!
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You current wave count is correct!
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wave 3 was 3 waves down (not 5),this now makes more sense
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Thank you, you make a valid point, then it must be 4th wave next, as shown, the SPX 500 just had the worst week in a decade, I think this will bring in the bulls but won't get very far, then we go south again. Good Luck , merry xmas
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Geofftv1 Trendhopper
@Trendhopper, I now agree with your chart but as yiu will know with EW anslysis we sometimes get surprises. MERRY xmas.
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5 waves complete
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Geofftv1 Trendhopper
@Trendhopper, Yes, But wave (3) cannot be the shortest wave as is the case here.
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I think we have reached end of 3rd wave, looking at other indices like ftse 100, would suggest we are about to go for 4th corrective wave here, I wouldn't expect to see divergence until well into the 5th wave, and it may be an extended 5 wave pattern, but who really knows?
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Geofftv1 Trendhopper
@Trendhopper, Thanks for the comment, you may be right but as yet I cannot count 9 waves diwn from wave 2 to complete wave 3. I do however expect a bounce before year end as fund managers will want to
Optimise theur year end performance.
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