SPX500: Another drop is ahead.
Updated
I called for the temporary strength in wave (B) in my earlier post (see related idea).
It looks like we are completing it and another drop down is just ahead.
Signs of wave B soonest finish are: wave C in wave (B) already reached the 1.618 of wave A.
Wave (B) has almost reached the 61.8% of wave (A).
The second drop could be even faster as it will be wave (C).
The minimum target is set around 2470 where wave (C) = wave (A)
It looks like we are completing it and another drop down is just ahead.
Signs of wave B soonest finish are: wave C in wave (B) already reached the 1.618 of wave A.
Wave (B) has almost reached the 61.8% of wave (A).
The second drop could be even faster as it will be wave (C).
The minimum target is set around 2470 where wave (C) = wave (A)
Comment
Another confirmation from the Japanese candlesticksthe reversal candle "Shooting Star" was on Friday on the daily chart.
The break and close below 2727 (candle's body) would confirm the pattern.
Comment
Index is coming back. As long as we are below 2754.42 the labeling is intact.Comment
If the 2754.42 is broken then it could be wave 5 in wave C of (B) Comment
5th wave already reached all regular targets as well as wave c of C of (B)I added extra levels beyond 61.8% of wave 1-3 to the chart between 2770 and 2815
These levels amazingly coincide with the Wave (B) regular retracement area (blue rectangle).
RSI shows Bearish Divergence
For the confirmation the index should first break the support trendline around 2735 and then the threshold of wave 5 below 2697
Comment
SPX stalled at the 78.6% of 1-3 of c of BTrendline support was broken down
Minimum target where C=A was recalculated to 2515
The confirmation for the drop is below 2697
Enjoy
Comment
I think we are in wave 4 of A and another small drop will be followed by wave B correction and then another drop to finish big wave (C)
Comment
interim correction started earlier Comment
Zoom into structureComment
my thoughts back to the first idea at the
no more updates under this idea
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