SPX 3068... EXCEEDED T2=2990-3010 & R=3027-3040...!!!
Break above 2980: T2= 2990-3010 OR R=3027-3040...Price was achieved at 3038 during the week and then the market consolidated lower to 2969, from where it rebound higher to 3068 and then had another consolidation lower to 2999 and cycle repeated again closing at 3060 on Friday. Support now is at 2960-3000 break below this zone will activate the downside support zones.
Recap from 2180: 2180-2641=1, 2641-2431=2, 2431-2890=3, 2890-2724=4, 2724-2972=A, 2972-2780-2953-2766=B, 2766-3068?=C or still higher!!!
2724-2972-2780= 3030(100%),3098(127%),3185(162%), price has exceeded 3030 therefore 3098-3185 still active for completion of C
From 2766-2980-2911=3125(100%),3183(127%),3257(162%)... these price zones are still active as is the longer term retracement levels from 3393-2180 & Double top at 3138.
Retracement levels 3393-2180:
3136=78%,3258,(88%).
Caution is required once C is complete within 3090-3140 or in extension 3185-3260 price zone expect a consolidation for the D wave if it is to happen!!!
The other factor for Caution is the upper Resistance zone of 3120-3180 this is also a double top(3138) of the B wave from 3393-2867 & 162% extension of 2180-2641-2431= 3187(162%)
S= 3000-2965, 2940-2900... break below 2900 then lower support zone will be active where S=2760-2720,S=2600-2575,S=2460-2400
Recap from 2180: 2180-2641=1, 2641-2431=2, 2431-2890=3, 2890-2724=4, 2724-2972=A, 2972-2780-2953-2766=B, 2766-3068?=C or still higher!!!
2724-2972-2780= 3030(100%),3098(127%),3185(162%), price has exceeded 3030 therefore 3098-3185 still active for completion of C
From 2766-2980-2911=3125(100%),3183(127%),3257(162%)... these price zones are still active as is the longer term retracement levels from 3393-2180 & Double top at 3138.
Retracement levels 3393-2180:
3136=78%,3258,(88%).
Caution is required once C is complete within 3090-3140 or in extension 3185-3260 price zone expect a consolidation for the D wave if it is to happen!!!
The other factor for Caution is the upper Resistance zone of 3120-3180 this is also a double top(3138) of the B wave from 3393-2867 & 162% extension of 2180-2641-2431= 3187(162%)
S= 3000-2965, 2940-2900... break below 2900 then lower support zone will be active where S=2760-2720,S=2600-2575,S=2460-2400
