Nearly there. Probably another rough day or two to get crushed down to support and complete the Zig-Zag correction (WXY). Elliott ABC wave near support.
Expect a hammer Doji, a deep spike with reaction lift. Maybe Tues/Weds. Who knows, utterly unpredictable atm. Spy might get down to 253. Nas- who knows?!
If index breaks and closes below the blue pivot support box, it's in big trouble and we should expect a bear market. Biting my nails to stubs.
Monday wild price swings were astounding, it fooled a lot of us into thinking "This is it! Going up!" Expect consolidation at bottom first, not a giant bounce.
As always, this isn't investment advice, trade at your own risk!
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See most recent post on volume divergence, countertrend rally, fake breakout. Same appearance as 10/25, following and respecting down TL. Expect more volatility.
Just looking at the monthly chart, I see it could break through to the lower level you mention and touch the 20 monthly moving average. It's been a reasonably orderly descent so far. I do hope it bounces before continuing down. Thanks for your post:)
@Sapphira, I'm VERY suspicious about today's bounce. I am not piling back on the bull train yet... how many 500+ days have we seen followed by -500, lol! Terrific choppiness, wildly volatile price swings, still correcting IMHO.
Sapphira
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@DaddySawbucks, I am of the same opinion. Also suspicious. I identified an inverse head and shoulders within a channel but until price clears the neck, I'm not buying it. Very interesting times though.