One Note on an $SPX Level

In this post, I gestured toward the equality of legs that was available to us at the close. That was based in part on the possibility of an overnight reversal, and I used the 5/31 high for that because equality of legs is ideal and that’s where I could find it at the close. However, if we use the tippy-top of that advance (which would be more natural anyways) at the green arrow, we have another wave balance of 1.272 at 4102.70, which is about where futures are now. (And just above that, we have another—1.318—at 4119.55).

If we do open about here (or close to here and arrive here today), and if this is a bear market rally completing, then turning down in a new leg of cycle (yellow) degree should make itself very clear, and we should see a strong move down and either of these other two fibs would also work.

SPX

So, I’m just noting the wiggle room we can have if we are going to head lower again soon.


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