Wednesday, October 2, 2019

SPX Update: "Pattern Not Resolved" Indeed...

Last updated predicted, in no uncertain terms, that if SPX continued to rally directly and ran north of 2990, then that would imply a b-wave low, and the market would then need to reverse and make a new low -- and that's exactly what happened.  Sometimes Elliott Wave can be quite a powerful predictive tool:

Intermediate term, SPX is approaching the first meaningful support zone:

In conclusion, the last near-term prediction was a hit.  Bulls will likley need to right the ship fairly directly, or they risk a trip back below the August lows -- and possibly well beyond.  Trade safe.

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