SPX BTFD - Long opp soon??!
Updated
Looks like wave 1 of 5 ended at 2186.8 and we have a 3-3-5 structure building now for wave 2 in the form of a flat.
2167 is .618 fib retrace as well as bottom of channel, hoping to see spx drop till there to grab a long, but will start a long position once it seems like the 5 wave down is complete. currently looks like we are on wave 3 of corrective wave C.
2167 is .618 fib retrace as well as bottom of channel, hoping to see spx drop till there to grab a long, but will start a long position once it seems like the 5 wave down is complete. currently looks like we are on wave 3 of corrective wave C.
Note
target reached, but didnt like the wave structure of the move down, couldnt fit 5 waves in, might go lower than channel, but not lower than 2155.9 (else I'll ahve to recount!!)
possibility that this might be an expanding triangle instead of a A-B-C correction and wave 4 isnt over yet... but will have to take a deeper look at the sub waves if we do break 2155.9
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