Here is my thought on SPX. You all thought I went all permabull, but I was referring to this potential bounce out of this wedge that we are now witnessing.
I believe it is a leading diagonal, a completed 1st impulse wave down and we are now correcting it.
We have reached the 38.2% fib today, which is enough, but today did not feel "toppy." We may push up to the 50% or even the 61.8%.
That said, leading diagonals are just as dangerous as ending diagonals. We can fall hard at any time.
I believe it is a leading diagonal, a completed 1st impulse wave down and we are now correcting it.
We have reached the 38.2% fib today, which is enough, but today did not feel "toppy." We may push up to the 50% or even the 61.8%.
That said, leading diagonals are just as dangerous as ending diagonals. We can fall hard at any time.