S&P500 (SPX) Current Status = Dancing on the Edge
Overall outlook for S&P = Bearish.
Already hit 4.236 Fib Extension this market cycle. Currently sitting below Moving Averages. Not oversold on mid & long-term RSI.
For any chance of this being a "Bullish" ABC correction, the price would have to reverse above its 2020 top of Wave 1, forming a Double Bottom (to allow the Elliot Wave count to continue upward with this last push as Wave 5.
Currently, the S&P continues to enjoy torturing us by dancing on the edge of the cliff.
While it's possible this could hold, exercise extreme caution.
Already hit 4.236 Fib Extension this market cycle. Currently sitting below Moving Averages. Not oversold on mid & long-term RSI.
For any chance of this being a "Bullish" ABC correction, the price would have to reverse above its 2020 top of Wave 1, forming a Double Bottom (to allow the Elliot Wave count to continue upward with this last push as Wave 5.
Currently, the S&P continues to enjoy torturing us by dancing on the edge of the cliff.
While it's possible this could hold, exercise extreme caution.
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