Hello friends,
Looking at the weekly chart I did a wave count and by the count, I have a correctional B wave with a target at 2935.xx to 3135.xx, when this wave completes I expect to see a deeper retrace for C wave with targets indicated on this chart. A most likely target is the golden ratio, I have measured the SPX common retraces of the past years and they are most definitely 61.8% (Golden Ratio).
I have also included my idea of a truncated 5th wave making it a double top. The reason is that when we bounce from the bottom, we will be meeting very strong resistance at the top and we should expect a strong reaction. SPX will take a dip and most likely bounce somewhere in the vicinity of where the current B wave ends. Then we should see higher highs after the truncated correction (if we ever get back to normal).
Cheers!
Looking at the weekly chart I did a wave count and by the count, I have a correctional B wave with a target at 2935.xx to 3135.xx, when this wave completes I expect to see a deeper retrace for C wave with targets indicated on this chart. A most likely target is the golden ratio, I have measured the SPX common retraces of the past years and they are most definitely 61.8% (Golden Ratio).
I have also included my idea of a truncated 5th wave making it a double top. The reason is that when we bounce from the bottom, we will be meeting very strong resistance at the top and we should expect a strong reaction. SPX will take a dip and most likely bounce somewhere in the vicinity of where the current B wave ends. Then we should see higher highs after the truncated correction (if we ever get back to normal).
Cheers!
