Posted by anjali25 on 29th of Jul 2022 at 01:34 pm
Thank you Steve - these are very very helpful - for some reason
the second chart image shows 3975 price again after 4100 - so it’s
not clear what your projections for 5 are
Posted by DigiNomad on 29th of Jul 2022 at 02:14 pm
SPX - thanks Steve, I love these projections...still very
useful even when not taken as gospel (some people want black and
white projections/guidance, but trading doesn't work that way).
I think your current ST projection plays out and completes
wave A of a major bear market correction that finishes either at
4368 (6.18% fib) or 4567 (78.6%). Market always catches
the most people off sides, and a rally to those levels would do the
trick. Also, a rally up and out of the current channel matches up
well with my theory that when prices violates trend channel in the
direction of the trend (as happened 16 - 17 June), a reversal is
imminent and it will take price up and out of the other side of the
channel and establish a new channel in the other direction
(probably very short term in this case). I think 3200 is in
the cards, but probably not until November or so (unless the slope
of the bear market changes).
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Thank you Steve - these
SPX ST Views
Posted by anjali25 on 29th of Jul 2022 at 01:34 pm
Thank you Steve - these are very very helpful - for some reason the second chart image shows 3975 price again after 4100 - so it’s not clear what your projections for 5 are
Understand - I'm hesitant to
Posted by steve on 29th of Jul 2022 at 01:43 pm
Understand - I'm hesitant to post 3/5 minute charts as they are often subject to change. The trend is upward UNTIL EVIDENCE changes
Yes but if that gap
Posted by steve on 29th of Jul 2022 at 01:39 pm
Yes but if that gap is filled then this view is WRONG - thus far it's acting well and expect a push later today or Monday upward.
SPX - thanks Steve, I
Posted by DigiNomad on 29th of Jul 2022 at 02:14 pm
SPX - thanks Steve, I love these projections...still very useful even when not taken as gospel (some people want black and white projections/guidance, but trading doesn't work that way).
I think your current ST projection plays out and completes wave A of a major bear market correction that finishes either at 4368 (6.18% fib) or 4567 (78.6%). Market always catches the most people off sides, and a rally to those levels would do the trick. Also, a rally up and out of the current channel matches up well with my theory that when prices violates trend channel in the direction of the trend (as happened 16 - 17 June), a reversal is imminent and it will take price up and out of the other side of the channel and establish a new channel in the other direction (probably very short term in this case). I think 3200 is in the cards, but probably not until November or so (unless the slope of the bear market changes).