The S&P 500 (cash) remains consistent with the views expressed this weekend (here) and last night (here).
From last week’s high, we can count an impulse wave to today’s low (the red 5-wave count), and we should be in a retracement for a “2” now. That “2.” may go as high as the orange box, but there are enough waves in place now that it may finish at any time. Let’s look at another name to see if that will help us here.
Amazon has already retraced to the 50-61.8% retracement of its decline from its 6/24 high, also consistent with a 2, and so we may be about done here, meaning: it’s possible that the S&P does not need to go much higher and may turn at any moment (assuming, of course, that I am right to count this bearishly here).
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