SPX - Interesting fib observation.
Here are my thoughts on the SPX chart since the major lows in 2009.
Wave III = 2.618 wave I
Wave V = 0.618 waves I to III
Both these are common fib levels and may mark the end of the cycle since 2009?
Note the strong RSI divergence since wave III !
On the 1 day chart SPX has just rebounded up to the lower trendline and a solid rejection and fall below
3207 will be my catalyst to take a short position.
Good Luck
Wave III = 2.618 wave I
Wave V = 0.618 waves I to III
Both these are common fib levels and may mark the end of the cycle since 2009?
Note the strong RSI divergence since wave III !
On the 1 day chart SPX has just rebounded up to the lower trendline and a solid rejection and fall below
3207 will be my catalyst to take a short position.
Good Luck
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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.