ponzialchemist

SPX - Capitulation Wave Ahead

Short
TVC:SPX   S&P 500 Index
SPX bear market rally #2 has topped at .618 fib and also has confluence with trendline/200DSMA. This can make another fake move to 4340/4370 by EOM but looking at the last weekly close, highly unlikely. The whole pattern looks increasingly like a expanding leading diagonal which is typical at stock market declines. Target zone will be the lower trendline at 2900/3100 and looking for this to bottom in November via a throwover.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.