This is an update to my recent posting of S&P direction for the near & longer term.
I was in the camp that thought we were due for a large correction into the abyss of sub 3500 levels in the SPX.
Am I bullish? Am I Bearish? My answer? ..... Both...depending on the week :)
What changed? The recent advance off the June lows has brought us past levels that make that a likely scenario in the near term.
Will it get there eventually? IMO Yes it will.
I am viewing this recent advance as an "a" wave as part of the pattern that will fill the white box.
This chart provides my theoretical direction for the market. As you can see it eventually makes a trip to the lower channel line.
The white box is our near term trading range. As you can see it will provide some great opportunities for both bulls and bears.
Sharpen up your trading skills I think you will need them......
Good Treading!
I was in the camp that thought we were due for a large correction into the abyss of sub 3500 levels in the SPX.
Am I bullish? Am I Bearish? My answer? ..... Both...depending on the week :)
What changed? The recent advance off the June lows has brought us past levels that make that a likely scenario in the near term.
Will it get there eventually? IMO Yes it will.
I am viewing this recent advance as an "a" wave as part of the pattern that will fill the white box.
This chart provides my theoretical direction for the market. As you can see it eventually makes a trip to the lower channel line.
The white box is our near term trading range. As you can see it will provide some great opportunities for both bulls and bears.
Sharpen up your trading skills I think you will need them......
Good Treading!
Comment:
I think the median line get's a visit before we go back toward the June lows?
That rejection at the 200 ma was just too simple... 4075-4100 area will be important in this scenario....
That rejection at the 200 ma was just too simple... 4075-4100 area will be important in this scenario....
Comment:
ES - Close to shorter term low IMO
Near term looks pretty bearish.