09/24/2020 SPX

25 Sep 2020

My interpretation of the SPX weekly chart. I do acknowledge the megaphone pattern, however, tried to make sense of the formation with EWT. If my wave count is correct, we are in a wave 2 right now, and may see it come down to the 38.2 (~3056, ideal) given that wave 1 was extended; or, we see 61.8 (~2726, less ideal). Even scarier, wave 2 could come back down to retest the March lows, which is unlikely in my opinion, but it is a possibility. The good news is, this count seems to imply there is a new set of bullish waves beginning, which should see nice returns for the next few years.
Over the short term (this year and next), I am somewhat short from this count, looking to play the upside swings and downside impulses. Long term, I am bullish.