ES/ SPX Would be quite useful

    Posted by alseq on 23rd of Oct 2018 at 06:45 am

    ES/ SPX

    Would be quite useful for me, if you could project some possible scenarios for a new low in the market as it seems more and more that this will be the case......was looking at SPX pivots and after the 2731 pivot the next one is way down at 2656...On the other hand, previous low was 2710... so for a new low and a reasonable spike in the VIX where could be the targets on a flush down??

    Cheers and good luck all 

    Mapping (Only a Guide)

    Posted by steve on 23rd of Oct 2018 at 08:16 am

    alseq - The initial decline was 230 points (2941-2711) labeled as Minute Wave "a" followed by a 106 rally labeled as Minute Wave "b" (2817).  Thus you take 0.618 or 1.0 x (230 pts)

    A simple guide for a Wave "c" target would be to decline either 0.618 Minute Wave "a" (2675) or 1.0 Minute Wave "a" (2587).  In addition, the SPX has previous lows near 2711 and pivots at 2656, 2632, 2594. 

    It's best to respect the trend, until EVIDENCE changes and not simply place bets at support levels.  Corrective patterns can take many forms (13 total) and it remains to be seen the degree of nature and extent of this correction.  Respect the trend and keep and open mind.  

    Tx Steve for your answer...In

    Posted by alseq on 23rd of Oct 2018 at 08:52 am

    Tx Steve for your answer...In fact not thinking on placing bets at support but on covering some of my  put options on the SPX...2675 seems to me a good bet as coincides also more or less   with the 61.8% ( 2689) of the advance from Feb/2018 to 2941 high


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