I'm speculating here that if we have topped out on the SPX500, then here are the most prominent levels to note based on a fibonacci phi-channel drawn on the weekly timeframe. I also drew a simple trend line to show the current regime we've been in.
It's typical for the market to have a sharp correction/crash of some kind in the spring. At least it has been lately.
I am mainly publishing this for my own notes. The long position overlay I have posted is where I believe that the current support and demand for SPX500 is, and below the green area, if price does not bounce within the green area and moves below into the red, then I'd say we are in bear market territory for sure.
But I best not get ahead of myself.
Not financial advice.
Happy Hunting!
It's typical for the market to have a sharp correction/crash of some kind in the spring. At least it has been lately.
I am mainly publishing this for my own notes. The long position overlay I have posted is where I believe that the current support and demand for SPX500 is, and below the green area, if price does not bounce within the green area and moves below into the red, then I'd say we are in bear market territory for sure.
But I best not get ahead of myself.
Not financial advice.
Happy Hunting!
Comment:
Feels good to be right and call the top for March.