alx13

SPX - picture getting complicated again

FX:SPX500   S&P 500 index of US listed shares
Well, the SPX             headed lower and broke the 1 but also the (presumed) wave 2 level. Meaning that the red count was invalidated and we are working only with the pink one.

The current set-up is getting unclear again though since the market had a 3 wave decline and then bounced strongly. For the downside to be clear we would have needed an impulsive decline... So, scenarios again :)

Bearish option:
- the current 3 wave decline is part of a nested bearish impulse. so 1-2 and 1-2. Invalidated above red 2 (1957)

Bull option:
- the red 1-2 and (1) are a-b-c and we need another wave higher. Invalidated below the red (1).

It's hard to call one or the other, so for the moment I am looking at the invalidation levels to see which one to pick.

GL out there!
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out