- 200 MA right above (resistance)
- multiple converging resistances
- 0.618 retrace completed (bear market rallies exhaust here)
- extension suggests that the CD leg terminates at a 127.2% to 161.8% expansion of the BC leg
- you already know them
- we are unprepared for wave 2
- elections will be postponed
- credit downgrades will occur between now and DEC
- retail has been absorbing the institutional selling in the last month of SPX being pinned between 2700 - 3000, look at the explosion in accounts at retail brokerage houses (1920's ring a bell?) and the fact that robinhood users bag holding F, GE , airlines, cruise lines, etc. ( google robintrack to see for yourself)
If bulls fail to defend this inverse h&s right shoulder, the fix is in and it's time to start piling on aggressively in preparation for the channel break and the start of wave 3 down.
I have a feeling it will not hold.
Looking for that channel support next. I am confident here to take more aggressive fading of every rally retrace attempt during the day.