A Look at $SPX Before All the Drama

No promises whatsoever as FOMC can be the most unpredictable of days. But, I’ll tell you what I think I see, and what I am positioned for.

If yesterday’s marginal new low was the low, we may count an impulse wave off of that low for green 1 (I think I see a little triangle 4th wave in there). If it is complete, I would expect some kind of retracement for Green 2. I have placed the ideal location for such a retracement using the orange box (it may go lower, it may not get that low). And if we get that, we may enter the Green 3, the ideal target for which I have also noted above us. I will probably need to modify this as we go along, as today no doubt involves much uncertainty and there can be a big murderous whipsaw. I will post any minor updates as I see them in the Discord chat server, instead of flooding the website with a new article every time I am forced to change my mind.

But, the hypothesis I am trying to see develop remains: the volume spike to our left suggests to me that we should be near a low, and sentiment—which seems to be almost universally looking lower—inclines me to want to look up instead.

SPX


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