TheLazyBrother

SPX wave 2 correction in progress

SPCFD:SPX   S&P 500 Index
Prices were rejected by purple SMA , which ended wave a, the index now being in wave b of (c), still developing. We need b to finish to be able to mesure possible lenght of c of (c), the final wave of the corrective sequence, and end of wave 2. For now, all we can say is that it could be anywhere from 2810-2820 area which comprises 0.618 retracement level and wave (a) high, to 2045-2075 area which comprises (a)=(c) and early 2018 high, made on high momentum and barely overtaken this fall. I would also like to see some momentum divergence developing in process. Possible backtest of the broken blue trend line is also to be monitored closely.
Comment: Obviously, extent of yesterday's decline is putting a big question mark on this analisys, pushing higher the probability that we have already seen the end of (c), marked as a on the chart.

Naturally, this possibility needs to be confirmed also. So, patience is required till things clear up.
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