The moment SPX touched the sensitive target area (blue box), an immediate negative index response ensued. Could this be the prelude of the long awaited correction. Let us examine the facts.
(1) The ascending triangle was broken and next typically followed by a mild rise. It seems that the third decline phase is about to begin.
(2) Further substantiation of a possible correction may be deduced by the completeness of the RSI-wave total number, which assumes a value of 13. Usual peak numbers are 5, 9, 13, 17 and 21 (last two being rare but not impossible).
(3) Both PSO & WT indicators are currently providing sell signals.
(1) The ascending triangle was broken and next typically followed by a mild rise. It seems that the third decline phase is about to begin.
(2) Further substantiation of a possible correction may be deduced by the completeness of the RSI-wave total number, which assumes a value of 13. Usual peak numbers are 5, 9, 13, 17 and 21 (last two being rare but not impossible).
(3) Both PSO & WT indicators are currently providing sell signals.