S&P 500 waves - double top 3525 and then bottom 3050???
More of my wave analysis. If I had to guess, I would say we just finished Wave A and started Wave B this morning. Looks like we just complete subwave 1 of 3 towards a double top. The give away is the push to a 2.1 fib extension instead of a 1.3 or 1.4 like the last few days. We are about to see a wave 2 down to the support and then a strong push for wave 3 back to resistance (1.7 to 2.0 ext). The double top at 3525 aligns with the resistance trend line from 2009 through March peak (pink line). I then laid out the Wave A fib levels at that top of wave B. A zig zag correction can go all the way down to 1.618 fib. This is the same setup as the March drop. It also lines up with the standard minimal correction of 0.618 retrace of the wave off the March low. That takes us down to 3050. Right where it felt like this rally should have stopped in the first place.
All the waves line up. Interesting to see if it works out. If I am wrong and this rally breaks above the 2009 resistance line and holds, then get ready for some major FOMO to 4000.
Hope this helps and good luck
All the waves line up. Interesting to see if it works out. If I am wrong and this rally breaks above the 2009 resistance line and holds, then get ready for some major FOMO to 4000.
Hope this helps and good luck
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