Wednesday, June 30, 2021

SPX Update: Upside Target Capture and...

Yesterday, SPX captured the 4295-4311 target and found some resistance there.  (Note type on chart ">4060" should be "<4060")

As noted on the chart, the option for Bear B (which could complete at or around the current all time high), followed by a sharp C-wave decline (sub-4060) are not off the table.  There's also a way to count the rally since May as ALL OF 5, but we'll discuss those in more detail if it becomes appropriate (in other words, if we see at least one impulsive decline).  On the bull side, 3 since we don't have an impulsive decline yet, it's entirely possible for 3 to still unfold higher.  Either way, it's starting to "feel" like we're closing in on a potentially-meaningful top.  Trade safe.

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