SP500 and the -0.618

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To be very clear. This is not a top or crash call at all. Just observing previous market history compared to today.

Observing the previous multi-year consolidation from 1968 highs to the1980 breakout. Price found resistance @ the -0.618 and entered a correction that backtested the previous multi-year consolidation.

Currently observing price is struggling to trade past the -0.618 of the multi-year conslidation from yr 2000-2013. Price can easily trade past the 2100 level. However, backtesting the previous multi-year consolidation as support would be healthy for the sp500             .

This is all bs atm. Am publishing this chart at TV for my future reference.
The more bearish count would be grand supercycle wave 3 off 1932 lows is either complete of have more upside then enter a gsc wave 4, that could be sideways and time consuming. Possible lows would be the same. At previous wave 4 support yr 2009 lows. Or 1987 crash lows. Then a gsc wave 5 up to new aths.
Going to post some other long term charts in the comment section that are for my future reference.

Looking at a long term LOG chart of the DJIA, it looks like it´s in a 5th wave extension of a third wave. IMO the 5th wave started subdividing out of the 1987 crash lows where year 2000 to 2009 lows was a w4 of the extension. The chart here I am going to show is bullish count where w5 could subdivide more where price could try to trade up to 35000-37000 into the future. Sorry folks, my crystal ball is broken so I can not give time dates. Clues I would look for if this is the setup would be for price to trade down to year 2000 or2009 highs and backtest former resistance as support. Then would want to observe price take out aths in a strong bull trend. Once the extension would be finished, thats when the pain would rush into the markets. As per EW price can retrace all the way back to the start of a 5th wave extension. Which in this case would be at 1987 crash lows. Or a correction to previous wave 4 support at 2009 lows. With 1929 being sharp, alternation would suggest W4 could be more shallow and time consuming, so 2009 lows just might be it. W4 could take years where the market would work off being overbough by going sideways in a huge range.
elp elp
elp elp
Heres a recent example of the DAX where it made a 5th wave extension and retraced back to the start of the 5th wave extension.
+2 Reply
elp YaKa
TY Yacine
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