My prior post noted market profile value support in the low SPX 3400 area. That zone was broken, opening the door for a move down to the next market profile value support at SPX 3358. This level is just above chart support and .618 retrace of the rally from 9/24/20.
The Elliott Wave structure for the SPX has cleared up and it appears an Elliott Wave - Double Zigzag. The second wave "C" could complete early in the SPX session on 10/28/20.
Watch the hourly RSI for a possible bullish divergence. If the SPX bottoms in the 3340 to 3360 area it could be another great opportunity to go long US stocks.
Mark
The Elliott Wave structure for the SPX has cleared up and it appears an Elliott Wave - Double Zigzag. The second wave "C" could complete early in the SPX session on 10/28/20.
Watch the hourly RSI for a possible bullish divergence. If the SPX bottoms in the 3340 to 3360 area it could be another great opportunity to go long US stocks.
Mark