Bullish move to 4065 SPX and then a drop of about 88% of this upswing. Like it has happened previously. Most likely. However, there is a bearish possibility where we fall immediately. I will post that chart in the comments.
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Less likely bearish bet.
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We double bottom at 3884. The numbers are such that both bullish and bearish directions are on. A 38% retrace (3884) after a pump with no respite makes sense for a bullish count. This means we turn up right from here get to 4K (4065 or so). At most bears can test a very strong support near the 0.618 fib (3845/50).
However, given the relentless selling in the later part of the day, bears seem to have grown a pair and we should be set to touch 88.6% retrace per the second chart if the above support breaks.
In both cases, I am leaning positive for a touch of 4K soon.
However, given the relentless selling in the later part of the day, bears seem to have grown a pair and we should be set to touch 88.6% retrace per the second chart if the above support breaks.
In both cases, I am leaning positive for a touch of 4K soon.
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Look at the tape go. I think this one will play out as written. Compare current action with the fib box from earlier in the year and they are exact copies.