Where do we begin, well here it goes:
We are in a Bear Market
1. All time high bubble has popped with a fastest one month drop of 36% in history,exceeding the pace of declines even during the Great Depression.
2. Megaphone pattern is playing out from 2018-2020 high and lows
3. Elliott Wave corrective ABC with leg B looks to be completed with 2800 level rejection, leg C is about to start which will take SPX a lot lower towards retesting resent lows around 2180
4. Leg B created a bearish bounce of approx. 25% with a rising wedge clearly defined.
Every bear market has these wild bounces and this one is no different.
5. Current price rejection is sitting at .50 Fibonacci level.
6. There is a Death Cross on a daily with 50dma crossing 200
6. Drop to 2200 for leg C is a start to retest the resent lows with 1800 in the picture.
We are in a Bear Market
1. All time high bubble has popped with a fastest one month drop of 36% in history,exceeding the pace of declines even during the Great Depression.
2. Megaphone pattern is playing out from 2018-2020 high and lows
3. Elliott Wave corrective ABC with leg B looks to be completed with 2800 level rejection, leg C is about to start which will take SPX a lot lower towards retesting resent lows around 2180
4. Leg B created a bearish bounce of approx. 25% with a rising wedge clearly defined.
Every bear market has these wild bounces and this one is no different.
5. Current price rejection is sitting at .50 Fibonacci level.
6. There is a Death Cross on a daily with 50dma crossing 200
6. Drop to 2200 for leg C is a start to retest the resent lows with 1800 in the picture.