Kobie regarding the possible wave 5 down, I was thinking the
same thing, but when I look at the shorter time frame charts on the
SPX it almost looks like a rounded bottom and even a cup and handle
but what do I know! Curious what Steve's going to say.
It remains possible but won't confirm without an impulse down
- best to focus on the levels I have provided as SUPPORT is
holding and thus BULLS in control short term
Besides the levels I mentioned a move below 4131 would negate a
nested 1-2 up (which is a bullish view)
Real bearish view upon this rally failing would be a HS top
(look for yourself)...that would be best after a drop and abc pop
back up
SPX
Posted by steve on 25th of Aug 2022 at 11:42 am
$SPX - Chart Link
$SPX - Chart Link- prior resistance turned support bulls will need to hold
SPX faded near the .382 Fib posted earlier - also trendline resistance on SPX 60 chart
Steve are we in
Posted by kobie on 25th of Aug 2022 at 12:59 pm
Steve are we in wave 5 down?
Kobie regarding the possible wave
Posted by DK on 25th of Aug 2022 at 01:10 pm
Kobie regarding the possible wave 5 down, I was thinking the same thing, but when I look at the shorter time frame charts on the SPX it almost looks like a rounded bottom and even a cup and handle but what do I know! Curious what Steve's going to say.
It remains possible but won't
Posted by steve on 25th of Aug 2022 at 01:18 pm
It remains possible but won't confirm without an impulse down - best to focus on the levels I have provided as SUPPORT is holding and thus BULLS in control short term
Besides the levels I mentioned a move below 4131 would negate a nested 1-2 up (which is a bullish view)
Real bearish view upon this rally failing would be a HS top (look for yourself)...that would be best after a drop and abc pop back up
The market may stay range bound for POWELL
Thnx
Posted by kobie on 25th of Aug 2022 at 01:27 pm
Thnx