garyfung
Short

SPX 2271.58 on NY, if wave 1=5 for this wave (c) of (a) of (4)

SP:SPX   S&P 500 Index
(4) started since Sept ATH at 2930
Trade active: (3) was the 10 years bull since 2008.

Today, SPX failed to break out of 2520. 2516 marks the 0.5 retrace of (3) which would invalidate the whole 5 waves setup. I consider it's still holding, and went short on market close with SQQQ @ 17.11. Limit sell at 27.97, will watch and move that goal post.

May the Fib be with us.
Comment: Quadruple top on 2508 and failing to break, that is interesting and looks dangerous to my short. But this lack of conviction should have the new year open with a new downward trend, with my targets remaining for SPX towards 2252.18-2303.32 for a final bottom for months/year to come, in finishing this wave (a) of 4 and the next (b) rally to begin.

Happy 2019!
Comment: $ES1 futures and Trump tried so, so hard and so many times. Up to 2520 it went and got rejected so, so many times. Tweeting about trade deal with China and budget deal with Democrats seem to be for naught.

Up the 2400 cliff it climbed and off it's sliding back down. *Almost* feel bad for Trump... I mean the SPX.

Trade closed: stop reached: Well that got complicated. (45) not happening, counting new (abc) waves. Targeting SPX to go up to 2551.3-2556 for .618 retrace of former (3), then back down to 2426.58 for another smaller .618 retrace.
Thanks for the update.
+1 Reply
What price range do you think wave 5 will terminate.
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Just to clarify are you saying wave 4 is complete and wave 5 is starting. Thanks.
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garyfung gvoommen
@gvoommen, yes. Breaking out of 2520 would have invalidated the whole 5 waves as that marks 0.5 maximum retrace of (3), but SPX failed to do that today, topping at just 2520.27.

I just went short on market close with SQQQ.

May the Fib be with us.
+1 Reply
gvoommen garyfung
@garyfung, thank you for the clarification. Appreciate it. Good technical analysis.
+1 Reply
garyfung gvoommen
@gvoommen, SPX 2303.32 as first target with (1) = (5), with (4) top moved up to 2520.27. Could go down lower towards 2250
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gvoommen garyfung
@garyfung, thank you
+1 Reply
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