Hi,
as to everyone this structure is giving me some problems so i have few counts of what this could be...but, i found some similarities with spx bottoming in 2009. RSI helps a lot with that.
Ok, in 2009 it took longer to make this two waves and it retraced 38% and this time only 23% (which is also legitimate) but then it was correction of larger degree so one would expect it to be so. That it why i use weekly chart for 2009 bottom and daily chart for 2020 bottom.
This is not advice but i hope that will help. If spx fells below 3200 i would expect drop to 3000-38 fibo but taht is not my primary count
as to everyone this structure is giving me some problems so i have few counts of what this could be...but, i found some similarities with spx bottoming in 2009. RSI helps a lot with that.
Ok, in 2009 it took longer to make this two waves and it retraced 38% and this time only 23% (which is also legitimate) but then it was correction of larger degree so one would expect it to be so. That it why i use weekly chart for 2009 bottom and daily chart for 2020 bottom.
This is not advice but i hope that will help. If spx fells below 3200 i would expect drop to 3000-38 fibo but taht is not my primary count
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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.