[SPX] May S/R Holding Nice B)... Trying My Hand at Wave Theory!
I stumbled across this old chart and realized the lines I drew held up very nicely on the 4H still!
I only posted it as a 1W back in May:
![[SPX 1W Trend Analysis] Oh Boy... This Looks Much Worse](https://static.tradingview.com/static/images/svg/idea-image-placeholder.svg)
Not a wave theory guy, barely know anything beside the basic pattern but it seems to hold up nice here over past 9 months!
This is partly why I think the 2600 (which comes up in a lot of strategies) is a false support and already 2750 seems quite weak so my target is still 2400 for this next local bottom. But Wave theory seems to point to 2600. Will be interesting to see it play out and see what strategies come out lookin the best!
Decent chance we hang or even bounce at 2600 too though. I still lean towards blowing through 2750 on the next crash.
Happy harvests!
I only posted it as a 1W back in May:
![[SPX 1W Trend Analysis] Oh Boy... This Looks Much Worse](https://s3.tradingview.com/1/1JROFtrb_big.png)
Not a wave theory guy, barely know anything beside the basic pattern but it seems to hold up nice here over past 9 months!
This is partly why I think the 2600 (which comes up in a lot of strategies) is a false support and already 2750 seems quite weak so my target is still 2400 for this next local bottom. But Wave theory seems to point to 2600. Will be interesting to see it play out and see what strategies come out lookin the best!
Decent chance we hang or even bounce at 2600 too though. I still lean towards blowing through 2750 on the next crash.
Happy harvests!
Data analyst with a passion for best fit lines B)
