$SPX Update

The ideal fibs still remain a bit too far above this morning’s high. If we do something grindy, we may form a micro ending diagonal for orange 5, like this:

SPX

Or if we go there in a straight line, we may need to count yesterday’s late session blip as a red 1-2, and today’s gap up as a 3, like this:

SPX

In either case, it remains possible that we’re still not quite there yet.

I have closed my short duration longs (even though we might still go up a bit more, it feels like playing with fire if we are in a topping process) and used some of that to add to my long duration shorts. From here, I’m going to paint my nails and see what develops. Hopefully we actually get to the stupid fib and see a real reversal.


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