SPX Aug 8th update

2022年8月8日

Didnt do a weekend update, was no point, nothing new since the last updates.

NQ hit it's resistance cluster I mentioned before, SPX did as well and even exceeded a bit, but now way below it.
Resistance cluster is at 4160-77SPX, where 68 is the maj resistance on closing level

Im going to watch 3992 and 3938-40SPX level for the support to hold and a push into EOM after.

Some changes on my chart, we did in fact hit one of the channels I had for a while and retraced of it.

Now some Elliot Wave slapping from non expert (I find short term EWT counts useless!):
- What if the 4 is over and we will star a first move down and 2nd wave up will be beck into the same trendchannel resistance.
The fibs align with my main target zone for the wave 3 down as well as the 5th wave landing.
That would make it 5 waves down into Sep/Oct low! How big of a slap those EW "analysts" will get after their 5500 call for over then 8 months gets destroyed.
I know some will just add another count and be so "right", always "right"

I still favor another push into 4300-30 zone, but now see a much more bearish potential.

We are not even close to a bottom, the bull market wont be back till 2023 or even 2024, only bear market rallies!