FOMC Day and the bloodbath of SPX price
In the event clarification was needed, here it is.
My primary Elliott Wave count is we're about to be in the strongest portion of the decline and if my black count is correct, it will be abundantly clear by week's end. My alternative purple count is largely the same with one minor revision which is yesterday's lower low was a b wave (even though it made a lower low) and today we may retest the 3950 area only to get rejected in a sub wave iii of larger 3 down. When our EW count is revealed to be in the iii of 3...it will feel like capitulation.
That’s good. To heal, you first have to be sick.
PS: Purple wave “ii” could be a function of on the FOMC announcement we get a quick move to 3950, and when Powell speaks, the market starts to tank into the close. I can’t claim to know how to forecast the micro machinations...what I feel pretty comfortable with is we should be in a sea of red in the not-too-distant future.
Best to all,
Chris
My primary Elliott Wave count is we're about to be in the strongest portion of the decline and if my black count is correct, it will be abundantly clear by week's end. My alternative purple count is largely the same with one minor revision which is yesterday's lower low was a b wave (even though it made a lower low) and today we may retest the 3950 area only to get rejected in a sub wave iii of larger 3 down. When our EW count is revealed to be in the iii of 3...it will feel like capitulation.
That’s good. To heal, you first have to be sick.
PS: Purple wave “ii” could be a function of on the FOMC announcement we get a quick move to 3950, and when Powell speaks, the market starts to tank into the close. I can’t claim to know how to forecast the micro machinations...what I feel pretty comfortable with is we should be in a sea of red in the not-too-distant future.
Best to all,
Chris
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