Friday, January 14, 2022

SPX Update

Last update laid out some options, with the leading contender being:

I think if I had to pick one, I'd probably lean very, very SLIGHTLY toward option 2, as of this exact moment.

Option 2 was:

2.  The low is a micro b-wave, which could run toward SPX 4742-60 in a micro c-wave, before reversing back to break Monday's low.

And again, "so far, so good."  SPX found solid resistance in the noted zone, leading to a reversal and drop that will exceed 100 points. 

Of course, bears will want to be cautious as we head lower into prior support (it is still three waves down from 4748), and of course would want to be extremely cautious were SPX to sustain a breakout over upper black and particularly over 4749.

Obviously, the 4742-60 resistance zone discussed in last update has at least been good for a solid trade, so other than that, not much to add.  Trade safe.

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