$SPX: Possible Path to 2040

SP:SPX   S&P 500 Index
131 1
I have been using intraday extremes to develop 161.8% Fib targets and now we are simply reversing that process to look for downside targets.

Under this method, 2039 stands out compared 2032 under to a big picture 61.8% retracement from 1811 to 2128. In the larger scheme of things, 7 points is very little.

After the 120 point drop Thursday night, the market gapped lower, made a high of 1973 and “officially” closed in the 1933 area though after hours it got in the 1925 area.

Thursdays high was close to a 50% of the extremes of Thursday night which would have been 1968.

Believing the market will repeat itself and afford some retracement, we could easily see a high on Monday around our old friend of 2050 (maybe 2054) although this will require overcoming fierce resistance at 2048 and 2043 and the trend line slightly below.

However, in the past days trend lines have been given little respect.

From 2050, I expect a path towards the 2039/2040 area subdivided into countless intermediate waves which cannot be anticipated.

On the path down, we should meet resistance at the 200 DMA (2121) and 1987, 1960, 1951, the latter established pivot points . Of course, there are others but on the weekly candles these are prominent.

And the market is not oversold, as the McClellan Oscillator is at only -100 and usually turns when at -150

P.S. One follower suggested I would get more votes if I included less text, but context is everything and I believe charts must be read in the light of events and market internals.
Comment: The tile is screwed up and some of this text is as well. Always in a hurry but 1940 is the proposed target.
Obviously I screwed up the title
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out