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Cryptogold14

SPX Correction (ABC Wave Pattern)

Short
S&P 500 Index (SP:SPX)  
Cryptogold14 Updated   
SP:SPX   S&P 500 Index
Trend Analysis Wave Analysis Chart Patterns SPDR S&P 500 ETF (SPY) S&P 500 (SPX500) TECH
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trendanalysis waveanalysis chartpattern spy spx500 tech
So far, Elliott Wave Theory has done an excellent job of predicting the recent bear market. There was a clear five wave pattern down from A. B has retraced exactly 0.618 (the golden ratio) of A so far (it's possible B isn't yet completed). Assuming that 4595 holds, Elliot Wave Theory predicts that the C wave will extend to one of the levels shown in the chart. If C extends farther to 161.8% of wave A, the ABC correction pattern is invalidated and a five wave pattern is in progress. This would be the "crash" scenario.

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ETH: 0x13cd45d7d282ee0ee4635645cce2e2a566d9bed8
Comment:
I was about to write this chart off a couple days ago, but it's very much alive and well! Watch for a decline to the levels at 4224, 3995, and 3853. If 4420 holds, a bearish gartley could still be in play.
Trade active:
Currently in SPY puts. Looking to add to position tomorrow and take profit near 3995.
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