Price has moved about 400+ pts and now in to consolidation or higher.
see previous post where I had expected spx500 to around 2670-2715 price range , it is nearly there, can it get to 2715 and exceed it... I don't know.
what I can see from the price & wave formation there could be a consolidation within the 2670-2715 price range as it is also =2640 price zone 38% of 3393-2182, therefore anything is possible.
Should the prices exceed 2640 then expect a retest of 2700-2715 and it could get to 2770-2785 as this is the next 50% price zone from 3393-2182.
These 2 price zones 2640-2715 & 2770-2785 shall form the 1st phase of an A,B,C correction or it could be an A wave of the 4th wave.
if it is the 4th wave then prices will break below 2182 and get to lower levels between 2135-2050 price range.
support levels required to hold for an A wave of the 4th wave= 2520-2495, 2460-2430, break below 2405 then 2350-2310.
Failure at 2350-2310 then the 4th wave is not invalidated but it would only be the A of 4th which could consolidate lower between 2280-2225 this would be the B of the 4th wave, which would still be valid.
The 2405-2350 price zone will likely hold the consolidation.
exceeding 2640 then 2670-2715 or upto 2775-2785 is likely for the completion of the A wave, exceeding 2775-2785 then higher prices upto 2855-2930 probable too.
see previous post where I had expected spx500 to around 2670-2715 price range , it is nearly there, can it get to 2715 and exceed it... I don't know.
what I can see from the price & wave formation there could be a consolidation within the 2670-2715 price range as it is also =2640 price zone 38% of 3393-2182, therefore anything is possible.
Should the prices exceed 2640 then expect a retest of 2700-2715 and it could get to 2770-2785 as this is the next 50% price zone from 3393-2182.
These 2 price zones 2640-2715 & 2770-2785 shall form the 1st phase of an A,B,C correction or it could be an A wave of the 4th wave.
if it is the 4th wave then prices will break below 2182 and get to lower levels between 2135-2050 price range.
support levels required to hold for an A wave of the 4th wave= 2520-2495, 2460-2430, break below 2405 then 2350-2310.
Failure at 2350-2310 then the 4th wave is not invalidated but it would only be the A of 4th which could consolidate lower between 2280-2225 this would be the B of the 4th wave, which would still be valid.
The 2405-2350 price zone will likely hold the consolidation.
exceeding 2640 then 2670-2715 or upto 2775-2785 is likely for the completion of the A wave, exceeding 2775-2785 then higher prices upto 2855-2930 probable too.
