Correct IMO - as I stated below twice and last week - monitor
the channel. Once you have a channel break the current
uptrend from 3721 has completed (until then the uptrend remains
intact). A reasonable expectation would be a 50% Fib
retracement. Keep in mind that any move below the 3946
previous high creates an overlap which implies just a corrective
bounce to be followed by new lows. So those are the levels to
monitor for any bullish count to remain intact.
Not questioning your analysis but China is not unpredictable or
irrational like Russia or North Korea. They have 500B surplus from
US trade every year. Forget about surplus from Europe .
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SPX Views Updated
Posted by steve on 6th of Aug 2022 at 05:26 pm
$SPX - Chart Link
$SPX - Chart Link
$SPX - Chart Link
$SPX - Chart Link
$SPX - Chart Link
$SPX - Chart Link
Will review in weekend newsletter - to me the outlier is the green impulse higher - channel is the key to monitor
Additional Wildcard: As posted earlier China is conducting military exercises (substantial) around Taiwan.
Thanks for the early charts
Posted by mirhamedali on 6th of Aug 2022 at 07:45 pm
Thanks for the early charts Steve. Gives us something to chew on over the weekend!
When you say "green is the outlier", you mean it's not a likely alternative?
Correct IMO - as I
Posted by steve on 6th of Aug 2022 at 10:40 pm
Correct IMO - as I stated below twice and last week - monitor the channel. Once you have a channel break the current uptrend from 3721 has completed (until then the uptrend remains intact). A reasonable expectation would be a 50% Fib retracement. Keep in mind that any move below the 3946 previous high creates an overlap which implies just a corrective bounce to be followed by new lows. So those are the levels to monitor for any bullish count to remain intact.
Not questioning your analysis but
Posted by arun on 6th of Aug 2022 at 06:45 pm
Not questioning your analysis but China is not unpredictable or irrational like Russia or North Korea. They have 500B surplus from US trade every year. Forget about surplus from Europe .