Updated

SPX buy area based on 2018 fractal (ABC)

Watching this possibility closely

Note

Hard to say where it ends up but I believe we're seeing the same ABC correction as late 2018 which, when it ends, will be very bullish.

Note

Doesn't look as sharp of a correction this time around - based on fibs I'm thinking it resolves around 3k (or very slightly below). I believe we're about to have our extended 5th wave of ending 'C'

Note

Also possible there's no 5th wave extension and it's already over, but i'm suspecting one more leg

Note

Red path is what i'm suspecting. If we see a 5 wave impulse up it may be over. Both scenarios are ultimately bullish, only the red path has one more leg down. GL

Note

Looks to me like we followed the green path and that the correction is, indeed, over. The follow through on Sunday and yesterday was the 3rd wave impulse I wanted to see. Looks like this is wave 4 of the first impulse off the lows. I'd expect it to either bounce here or a little lower. (they typically retrace .382).

Note

Looks like it's coming out of this correction in a similar flat pattern as it did in 2018

jthrasher

Also on:

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.

jthrasher

Also on: