The SPX has been strong. Despite the economic reports, The Fed raising interest rates, COVID-19, Monkey Pox....it's like another Sequel of the Mad Max Movies out there. We topped right at the 1.382 Fib last week and retreated. Typically what happens is a move down to the 1.0 at (4048) then a final rally to the 1.618 or even the 1.786. The target area for this top in wave IV is 4300-4400.
As we are topping I anticipate the economic news flow to be relatively good to benign. The psychology behind a wave IV is a battle between "We've Bottomed and The World is Ending" Always the extremes carve out the patterns in corrective waves while cooler heads sit on the sidelines or stay invested. I believe the "The World is Ending Camp" will get some small moniker of respect towards end of the month-beginning of September as we begin our final descent.
Final Target for the SPX is 3200.
Best to all,
Chris
As we are topping I anticipate the economic news flow to be relatively good to benign. The psychology behind a wave IV is a battle between "We've Bottomed and The World is Ending" Always the extremes carve out the patterns in corrective waves while cooler heads sit on the sidelines or stay invested. I believe the "The World is Ending Camp" will get some small moniker of respect towards end of the month-beginning of September as we begin our final descent.
Final Target for the SPX is 3200.
Best to all,
Chris
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Go to ewtdaily.com for DETAILED DAILY UPDATES on this ticker and get a 7-day FREE trial on updates on entire coverage list of 27 unique tickers.
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.