$SPX Fake Out - Has Yet To Reach Full Extension On SellOnce price creates a new low that extends past the 0% fib extension, you would expect it the have a mirror of price reach, not necessarily price action. The original trade set forth was the new high as being the bottom and the beginning of the explosion being the full length of the trade. I has reached that and has barely made any moves under it. It was a very slow day. I personally see a fake out coming. As the price reaches upwards into the breaker, maybe near the 50% of the original fib is when we'll see the down shift and probably toward the full 200%, Asymmetrical, extension. The full extension would also cross equal lows that create a façade of support but into another bullish breaker that it may not push below the next low. Probably land somewhere in the middle maybe? I've taken a look at all time frames and I believe the rise up into the sell will happen rapidly leaving the body of candle below somewhat current conditions to create a strong resistance point. You also have to take into consideration of the CRB index which seems to be turning as well. If the commodities start going lower with a higher dollar value, stocks are likely to decrease with bonds. And that's what I feel like I'm seeing. The banks want your money and they'll take it any way they can. So beware if your thinking "New High!" ... That's not something I'd be comfortable putting my money on. Watch the Asian session closely and see what kind of reaction London session makes. It could be a quick strike in the middle of the night or one that happens at the open of market. But I see a lot of posts with analysis suggesting a new high. And I just don't see it. But those are my thoughts and that's just me. I'm just some dude.
