SPX500 - Starting to look very bearish
Well the price action made a thrust lower out of Alt 4 as expected. Now we are caught between two possibilities. The shape of the move is more impulsive looking than that of a wave 4, which I would count as an ABC at this point. (I did not mark this on the chart).
I can't quite reconcile the previous move up to the recent top as being complete. So I was open to the possibility of a new wave up. BUT the move down now is quite compelling in it's shape. So I am looking for am ABC move up to the retracement zone at the different Fibonacci levels. We will see what happens from there.
There is a third possibility that has crossed my mind but I think we will let that one rest for now unless it comes into play. Have a good weekend and good trading next week.
I can't quite reconcile the previous move up to the recent top as being complete. So I was open to the possibility of a new wave up. BUT the move down now is quite compelling in it's shape. So I am looking for am ABC move up to the retracement zone at the different Fibonacci levels. We will see what happens from there.
There is a third possibility that has crossed my mind but I think we will let that one rest for now unless it comes into play. Have a good weekend and good trading next week.
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