S&P 500 IndexLong
Risk broke out. SPX to follow up
Despite all the equity indexes haven't made a break during the European trading. A lot of risk related assets had made huge breaks. AUDJPY broke up, EURGBP turned, Oil broke up, and gold turned. I expect the equity markets to follow up.
Use the SPX 500 as a example, the larger degree counts is not very clear. However, both counts support a 3-way up. The A wave had 5 subwaves, therefore, We are most likely seeing a impulsive rally toward 1965, which is the 50% of retrace of the entire decline. If the current rally failed at around 1930 somehow. I expect the decline to quickly resume and unfold a 5 wave down.
Use the SPX 500 as a example, the larger degree counts is not very clear. However, both counts support a 3-way up. The A wave had 5 subwaves, therefore, We are most likely seeing a impulsive rally toward 1965, which is the 50% of retrace of the entire decline. If the current rally failed at around 1930 somehow. I expect the decline to quickly resume and unfold a 5 wave down.
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