I See Three Options for $SPX

I see several options here for $SPX, all of which I will briefly discuss below.


Option #1

If we recover the overnight losses and open above yesterday’s close, then my post from yesterday is intact. This is my preferred analysis. But, that is a lot to recover and so I will present two additional levels.


Option #2

If we don’t do option #1, then we may find excellent wave balance at 3729.28, a 1:1 relationship between yellow “a” and yellow “c” using this count:

SPX


Option #3

If we end up going even lower, the next good place for wave balance is at 3706.44:

SPX


In all of these cases, I expect the June low to remain intact.


Why No Very Bearish Option?

I just don’t have enough data in hand to support anything but a low being put in at this time. If I had it, I’d give one. Crypto continues to hold up, breadth remains divergent, sentiment is highly consistent with a low, the dollar will probably collapse at any moment, yields are likely topping, etc.


 


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