With a slight recount, I have good fibs at today’s low. I would like to see a rally from here.
Ideally what I would like to see is depicted by the speculative path below. I would like to see a rally back to the neckline that—by the time we get to it—only looks to be in 3 waves. That could be the orange 1-2, followed by the green 1, for instance. A pullback into a close up there would be beautiful, setting the stage for what will look like an a-b-c up, to be followed by a crash, but will instead be, as I believe, the nesting leading to a 3rd of a 3rd to the upside (for the green 3):
And a quick look at the Russell. Of all of the U.S. Indices, this is the only one to have really broken out of a down trend. And it tends to lead the S&P. So far, this looks like a healthy retest:
I am accumulating SPY calls, and regretting every minute of it, so far lol
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