markrivest
Long

SPX Hits Very Important Support.

SP:SPX   S&P 500 Index
My prior SPX             post noted that the rally into the all-time high was not impulsive and implied the bull market could continue higher.
I noted that one of the possible patterns forming could be an Elliott wave - Expanding Flat. It appears this is what happened. Fibonacci analysis
backs up this wave count. The exact .382 retrace of the entire bull move from the February low to the high of 2940 is 2784.97, the actual low on 10/10/18 was 2784.86 almost a direct hit! Within the Expanding Flat wave "C" is just a little beyond two times wave "A"

This decline is bigger than I thought it could be but it has not violated any level that would invalidate the wave count I've posted.
If this wave count is correct the micro panic is complete. There is a high probability the bottom made on 10/10/18 could hold.

If the SPX             opens above 2784.86 it could be a fantastic buying opportunity.


Mark
Thanks Mark. I think you might be right on it. GL!
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