Wednesday, September 30, 2020

SPX Update with Free Bonus Gold Chart

(Note:  I've kind of gotten into a groove over the past decade where I don't really talk about the basics of Elliott Wave much anymore, but a new reader reminded me that maybe I should, so I've permanently pinned a piece called "Understanding the Basics of Elliott Wave" to the sidebar.)

Since last update, SPX has rallied into the upper band of resistance, where it stalled.  Today's next upper and lower boundaries thus look to be relatively clearly defined:

I also wanted to do a super-quick update on Gold, which has come back down to retest a line that will be familiar to those who remember this chart from March and July.  Gold bulls probably want to hold that line, or they risk a trip down toward next support of 1790-1805 (below that, then ~1750 and ~1700):

In conclusion, SPX has confirmed black resistance, so that's the next zone it needs to beat on the upside.  On the downside, ~3300ish/the red line looks to be the next meaningful support zone.   Trade safe. 

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