SPX - Elliott Wave Topping Pattern
The S&P 500 (SPX) July to October 2023 drop looks like a Leading Diagonal Triangle.
The 3 – wave rally after the 10/27/23 bottom has hit the Fibonacci .618 retracement level which is frequently resistance.
Both 2 – hour RSI and MACD have bearish divergences.
The Dow Jones Industrials Average which I’ve recently posted about, is very close to a “DEATH CROSS”.
There’s a very good chance SPX and DJI decline next week and there’s a possibility it could turn into a Mini Crash.
The 3 – wave rally after the 10/27/23 bottom has hit the Fibonacci .618 retracement level which is frequently resistance.
Both 2 – hour RSI and MACD have bearish divergences.
The Dow Jones Industrials Average which I’ve recently posted about, is very close to a “DEATH CROSS”.
There’s a very good chance SPX and DJI decline next week and there’s a possibility it could turn into a Mini Crash.
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