There's a ton of bears out there. There's no doubt about that. I am focusing on the structure here...
Now that the narrative is there, I am going to outline what I currently see here. In the next couple days, it looks like SPX is going to find some key resistance at the 3900-3920 area based on a measurement of what I predict is wave 3. This means we've got another low to put in before the year is over. Note - 3795 is likely not the low of this move down that we've seen since December 13th.
Corrections are complicated and are designed to confuse you and steal money from overleveraged traders without any plans. This is no different. Plenty of bears got their faces ripped off today so you need to be able to adapt to change as it comes.
Watch the 5 wave advance from the lows that we have here. Wait for a pullback, and then a completion of the cycle at 3915-3920 area. That's our 50% internal retracement. We have an area at the 38.2% currently which is the highest probability area for a wave 4 rejection (rejection in this case specifically).
One day at a time we will continue to dominate the market.
Now that the narrative is there, I am going to outline what I currently see here. In the next couple days, it looks like SPX is going to find some key resistance at the 3900-3920 area based on a measurement of what I predict is wave 3. This means we've got another low to put in before the year is over. Note - 3795 is likely not the low of this move down that we've seen since December 13th.
Corrections are complicated and are designed to confuse you and steal money from overleveraged traders without any plans. This is no different. Plenty of bears got their faces ripped off today so you need to be able to adapt to change as it comes.
Watch the 5 wave advance from the lows that we have here. Wait for a pullback, and then a completion of the cycle at 3915-3920 area. That's our 50% internal retracement. We have an area at the 38.2% currently which is the highest probability area for a wave 4 rejection (rejection in this case specifically).
One day at a time we will continue to dominate the market.
