The S&P 500 has tapped a midterm GP and a trendline that formed mid-July at $3,903. I am expecting a relief rally in the coming week up to the newest GP from the Aug. high and the Sept 1st low. Along with the GP there is a trendline resistance from the top of wave 5 to the top of wave B (I forgot to draw it in until after I posted this). This would complete wave D of the 5 part corrective wave series. After D we start a decent on wave E, I am expecting this wave to get us to $3,786. (.786 Fib)
After this point I will publish another idea with charts. As for now I would expect after wave E bottoms the SPX will rally back up to the trendline drawn on the chart and get rejected.
After this point I will publish another idea with charts. As for now I would expect after wave E bottoms the SPX will rally back up to the trendline drawn on the chart and get rejected.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.