This post is a follow up to my prior SPX post regarding a possible bottom at 2800. The Elliott wave structure
from the SPX bottom made on 8/23/19 appears corrective, implying a resumption of the sharp 8/23/19 decline.
The SPX high on 8/26/19 was just below two short term Fib resistance points.
If the decline does resume on 8/27/19 the SPX could reach the next significant Fib support around 2800.
Time target for possible bottom is 8/27/19 or 8/28/19.
Watch the Put/Call ratio if the SPX breaks below its 8/05/19 bottom. A - PC Ratio spike above 1.15 could be a signal to go long the SPX.
from the SPX bottom made on 8/23/19 appears corrective, implying a resumption of the sharp 8/23/19 decline.
The SPX high on 8/26/19 was just below two short term Fib resistance points.
If the decline does resume on 8/27/19 the SPX could reach the next significant Fib support around 2800.
Time target for possible bottom is 8/27/19 or 8/28/19.
Watch the Put/Call ratio if the SPX breaks below its 8/05/19 bottom. A - PC Ratio spike above 1.15 could be a signal to go long the SPX.