Wednesday, September 23, 2020

SPX Update: Hmm

On Monday, SPX dropped down and found support a bit above the classic Elliott Wave target zone.  The bounce since has been relatively strong:

Interesting to note that once again, a support/resistance zone has found synchronicity across different time frames:

In conclusion, the bounce is a little stronger than we'd normally expect to see in this position, which suggests the market may be more bullish or possibly even (perhaps counter-intuitively) more bearish than the standard C=A target would normally suggest.  We're not to either of the above options just yet, but we need to be aware of them as the pattern develops.  Today may help sort the wheat from the chaff.  Trade safe.

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