SPX500 Probable Glide Path - 10-28% Pullback starting
We've been in a nice upward channel since the US Elections, then yesterday hit.
Today we had a .786 FIB retrace up of yesterdays down run which puts us on an E Wave 3 Downward
10% would put us at the 50 Day MA
28% would put us at the 2008-2020 Up Trend Line
Exiting remaining long positions, already added SQQQ at the turn.
QQQ following same glide path.
*NOT FINANCIAL ADVICE - NOT A FINANCIAL ADVISOR*
Today we had a .786 FIB retrace up of yesterdays down run which puts us on an E Wave 3 Downward
10% would put us at the 50 Day MA
28% would put us at the 2008-2020 Up Trend Line
Exiting remaining long positions, already added SQQQ at the turn.
QQQ following same glide path.
*NOT FINANCIAL ADVICE - NOT A FINANCIAL ADVISOR*
Note
Pattern Complete. Wave 3 didn't strictly follow length rules. Everything points towards quite a bit further to go down, though Monday may be an initial BTD uptake before we start the next sequence.
A Up/B Down/C Up, then a decision on how far to drop or do we recover.
Note
Today was a skyrocket up putting us back high in previous channel. Unexpected.
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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.