S&P 500 Monthly: A cautionary alert ahead of ...
Failure to take out 2844.90 (today's high) tomorrow (Friday, April 24th), will put us on high alert
that the Weekly 'c' wave high of 2868.98 hit last week may have marked the high for the 'b' wave on
the Monthly chart displayed here.
However, we still cannot rule out that what we have marked as the 'a' wave here on the Monthly chart
could still be interpreted as wave '1' in an unfolding 5-wave sequence down. In other words, the 'b'
could be "interpreted" as a '2', which would suggest that the next major move would be a wave '3' down,
often the strongest and longest in a 5-wave sequence. This is not our favoured scenario, as it would
tend to negate the Fed's as well as the current administration's efforts to throw money at the
problem to immediately solve the greater issues.
"Caveat emptor'. Hedging of long positions may be in order.
that the Weekly 'c' wave high of 2868.98 hit last week may have marked the high for the 'b' wave on
the Monthly chart displayed here.
However, we still cannot rule out that what we have marked as the 'a' wave here on the Monthly chart
could still be interpreted as wave '1' in an unfolding 5-wave sequence down. In other words, the 'b'
could be "interpreted" as a '2', which would suggest that the next major move would be a wave '3' down,
often the strongest and longest in a 5-wave sequence. This is not our favoured scenario, as it would
tend to negate the Fed's as well as the current administration's efforts to throw money at the
problem to immediately solve the greater issues.
"Caveat emptor'. Hedging of long positions may be in order.
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