US Equities in ABC Correction: SPX Starting up 'B' Leg
Last week's downleg was too deep and overlapping previous waves to be a '4'; the high on 29 Aug at 2916 was therefore the end of a (v); and we are in an ABC down trend.
The pattern is more evident in US 30- see related post. Here Sand P formed a narrow descending chop channel, tightly defined, which appears to have found a bottom around 2864-2870.
Fibo 0.618 for a popup brings us back to 2896, about 20 pts below the high price of 2816. Could it bull higher? Of course, it can always get higher;
John Maynard Keynes: "The market can remain irrational longer than you can remain solvent."
But this is a correction countertrend reaction, not an actionary bullish impulse. 'B' will peter out rather quickly, I imagine. Doubtful whether it will get above the 2916 high.
This is not advice, it's a fun educational post. Good luck.
The pattern is more evident in US 30- see related post. Here Sand P formed a narrow descending chop channel, tightly defined, which appears to have found a bottom around 2864-2870.
Fibo 0.618 for a popup brings us back to 2896, about 20 pts below the high price of 2816. Could it bull higher? Of course, it can always get higher;
John Maynard Keynes: "The market can remain irrational longer than you can remain solvent."
But this is a correction countertrend reaction, not an actionary bullish impulse. 'B' will peter out rather quickly, I imagine. Doubtful whether it will get above the 2916 high.
This is not advice, it's a fun educational post. Good luck.
