Morning Update: Today has to be the day!
The relentlessness of C wave decline or advance is always impressive to observe. This is best viewed on the SPX weekly chart. Now the above chart is an hourly chart...but suffice to say when I say "Today has to be the day!" that's because we're getting dangerously close to losing positive MACD divergence on the Daily chart.
First and foremost, trader proponents of prices being cheap (Bulls) need to put the passions of their convictions into action today.
We have come into the 1.0 Fibonacci level and bounced. There's really no better place to bottom. If for some reason we cannot hold the bottom...we fall into the 1.382 Fib Level at 3726. I don't want to get ahead of myself but I cannot overstate the importance of today. Should we rally off 1.0 Fib extension level in a 5 wave move...we must take out 4300 in the coming days.
My sense is we have bottomed. Why? At the 1.0 level the Math works too good to throw it away and squander such an important area. The unknown question is will the bulls get the job done. We'll all know the answer to that question by the time of my evening update.
Best to All,
Chris
First and foremost, trader proponents of prices being cheap (Bulls) need to put the passions of their convictions into action today.
We have come into the 1.0 Fibonacci level and bounced. There's really no better place to bottom. If for some reason we cannot hold the bottom...we fall into the 1.382 Fib Level at 3726. I don't want to get ahead of myself but I cannot overstate the importance of today. Should we rally off 1.0 Fib extension level in a 5 wave move...we must take out 4300 in the coming days.
My sense is we have bottomed. Why? At the 1.0 level the Math works too good to throw it away and squander such an important area. The unknown question is will the bulls get the job done. We'll all know the answer to that question by the time of my evening update.
Best to All,
Chris
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