SPX500 - What will the week ahead reveal?
This chart shows the bullish view with the current low being a wave 4 and the expectation of am still coming new high (or double top). Although unusually deep for a wave 4 it does not break any rules.
If the index is now bearish it will break the two lines I've drawn for confirmation. So rather than guess at a direction right now, I wait for the completion of one pattern or the other.
You see it is highly likely that if there is a new high this should again give way to a broader downturn as the market is so overbought.
If the index is now bearish it will break the two lines I've drawn for confirmation. So rather than guess at a direction right now, I wait for the completion of one pattern or the other.
You see it is highly likely that if there is a new high this should again give way to a broader downturn as the market is so overbought.
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Watching for a top to go short
