I've heard arguments that we're going to bounce off of the 3400 (black line) mark on SPX, a 38.2 retracement of the Recent October upswing, and up, up, and away. This makes no sense to me given market conditions.
If we look only a month back, and the real meteoric rise of the market from March to Sept 3, and do a retracement, we have a log way to fall still (green lines for FIB levels).
I see us on the C wave of an A/B/C correction with a ways to go down on this leg.
*NOT FINANCIAL ADVICE - NOT A FINANCIAL ADVISOR*
If we look only a month back, and the real meteoric rise of the market from March to Sept 3, and do a retracement, we have a log way to fall still (green lines for FIB levels).
I see us on the C wave of an A/B/C correction with a ways to go down on this leg.
*NOT FINANCIAL ADVICE - NOT A FINANCIAL ADVISOR*
61.8 FIB Retrace of Full March-Sept run, 200 Day SMA, and a nice 1.618 Wave C all pointing at the same spot to me.