Our #SPX wave analysis corrective relief upside rally has been realized but looking at this Daily Timeframe chart, price has now breached the 0.382 fib retracement of the previous impulsive Wave (1).
We continue to remain bearish should the 4600 will not be retested as soon as possible. Should the index challenge that hurdle in an impulsive manner, this analysis will already be invalidated.
Should this analysis be valid, we could potentially see signs of rejection on this 4400 significant level and should be heading impulsively and continue the downtrend with the 1.618 fib extension at 3796 (3800) at our short term target.
We continue to remain bearish should the 4600 will not be retested as soon as possible. Should the index challenge that hurdle in an impulsive manner, this analysis will already be invalidated.
Should this analysis be valid, we could potentially see signs of rejection on this 4400 significant level and should be heading impulsively and continue the downtrend with the 1.618 fib extension at 3796 (3800) at our short term target.