frodo75

Bull or Bear?

Long
TVC:SPX   S&P 500 Index
Bullish move to 4065 SPX and then a drop of about 88% of this upswing. Like it has happened previously. Most likely. However, there is a bearish possibility where we fall immediately. I will post that chart in the comments.
Comment: Less likely bearish bet.
Comment: We double bottom at 3884. The numbers are such that both bullish and bearish directions are on. A 38% retrace (3884) after a pump with no respite makes sense for a bullish count. This means we turn up right from here get to 4K (4065 or so). At most bears can test a very strong support near the 0.618 fib (3845/50).

However, given the relentless selling in the later part of the day, bears seem to have grown a pair and we should be set to touch 88.6% retrace per the second chart if the above support breaks.

In both cases, I am leaning positive for a touch of 4K soon.
Comment: Look at the tape go. I think this one will play out as written. Compare current action with the fib box from earlier in the year and they are exact copies.

Comments

At one time there was discussion about a drop to 2600-ish. Thoughts?
Reply
@dg78, I think everyone "knows" that should happen. However, the govt has realized that they can keep the market inflated by printing mo and mo. With Dems running the place, mo printing is an expectation. We will likely go the way of Zimbabwe before we ever touch 2600. However, I am hopeful that folks will not destroy the dollah.
Reply
let's go for the bull scenario :^)
Reply
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