I could be wrong but judging the price action and rsi, I expect 4200 and more by Friday. If true, tomorrow may be a huge day in the market 100+ points or more. If I'm wrong we will break 4100 and I will update the possibilities. As of now, I think a C up to 4200+ is likely. If true, the gap on SPX cash at 4220 probably gets filled, and a short squeeze could push the market higher than that.
Good luck!
Good luck!
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here are the lines i wanted to show -
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either we reach up for 4200 + or we doubletop today. If lower, I'll update. Numbers at 8:30
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support level reached, looks like a C and the rsi is oversold again, going down more is possible but I think another whipsaw is likely
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IF it's a c of B, the 5th wave should be finished soon, note how low the hourly rsi is already, caution for bears.
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leaning toward this into tomorrow, rsi can get low again and then more chop.
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everyone is waiting for this to break, the problem is everyone also KNOWS everyone is waiting for this to break, so a small break above or below and then reversal is more likely than not.
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at support again, a breakdown to 4080 or less and then recovery is likely.
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purple lines is another possible structure the market is bouncing around in.
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this can go lower, but the much lower 4hr rsi reading at price double bottom is suspicious to me.
