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.
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Thanks for the early charts
SPX Views Updated
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.