SPX CMP 6339
Elliott- the 5th wave is done now. I have also sub-divided v of 5 in its own 5 waves with a star on the left chart.
Fib Ext - the 5th wave has halted at 1.382 where we also have a trendline resistance.
RSI - the oscillator has again reached the bear zone. Hence now the oscillation will be within the bear zone and this is danger.
Conclusion - the entire process may take some time as the Index has just started to turn down. But one thing for sure the TOP is made. Corrections target the iv wave of 3 hence to me this correction will not get over before 5K which is a good 20% from here.
Elliott- the 5th wave is done now. I have also sub-divided v of 5 in its own 5 waves with a star on the left chart.
Fib Ext - the 5th wave has halted at 1.382 where we also have a trendline resistance.
RSI - the oscillator has again reached the bear zone. Hence now the oscillation will be within the bear zone and this is danger.
Conclusion - the entire process may take some time as the Index has just started to turn down. But one thing for sure the TOP is made. Corrections target the iv wave of 3 hence to me this correction will not get over before 5K which is a good 20% from here.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.