$SPX Update

The very beautiful 1:1 relationship I could see on Friday that could justify the advance as a textbook zig-zag has not held. That said, if we count the advance as a “flat” (which i have considered before), there are two fibs here.

At this level, there is a new 2:1 relationship between Orange C and Orange A, and we’re at the 50% retracement of the pink “1.” I will be watching to see if we get a reaction here. I remain exclusively short for the time being.


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