FX:SPX500   S&P 500 index of US listed shares
We've finally exited the magenta crash channel which means buyers have decided to defend their positions at the 2064 level. We've got a couple of counts to work with. The more conventional count has us topping in wave white 4 in this general vicinity between the 38.2 and 50% retraces of wave white 3. The more unconventional count has this as an extended fifth wave down from 2120. These types of waves are often followed by a double retrace of the entire fifth wave, in other words, there is an initial bounce which fails and falls back to retest the lows and then goes higher to retrace roughly the entire fifth wave. This type of retrace would have us retest 2064 and then bounce, potentially back as high as 2120 before resuming the downside push. Both the long and short side should remain cautious in this area and be mindful of whipsaws. Good luck today and mind your risk. Below is the link to today's projections and key timing.

If you have any questions about our analysis or any of our analysis systems, contact me at any time at john@mcm-ct.com

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