SPX: I think it is bullish

٣ أكتوبر ٢٠٢٣

The recent correction has everyone rattled. Debt crisis, Fed crisis, Rate crisis, Crises everywhere. On Monday Oct 2nd, market closed with a tail candle that retested 200 EMA and put in a higher low. This itself is a pretty bullish sign, albeit, nothing is certain at the moment. What we do not see is a close below 200 SMA, retest and failure. Bull case is a price movement above 4330 and eventually a break of the resistance trendline.

EW count-wise I believe minute degree wave 4 is complete, although, it can still be a triangle and keep chopping for the month of October as well. Either case, Minute 5 or Minor 3 target would be at an ATH 4827. This price action is following Fibonacci pinball to the T. Minor 4 could also take a couple more months to play out before putting in the intermediate degree wave A or 3 at little of 5k. But that is still far away. NDX is taking the lead on this recovery, which is a very good sign as well. I am going to put in my target trades probably tomorrow. Let's see how it goes!

٣ أكتوبر ٢٠٢٣

ملاحظة

Bad technical damage today, 10/3. But the EW count remains valid. Bull case goes away or becomes suspicious below 4195. Very close to that level right now. Will wait to make a trade given today's channel break.

٤ أكتوبر ٢٠٢٣

ملاحظة

EW count is still valid. On 10/4 market tried a reversal, but not out of the woods yet. NDX is strong, which is making a case for the bulls. Bears will most likely try again. Will wait for clarity before jumping in.

٦ أكتوبر ٢٠٢٣

ملاحظة

Bulls are defending the critical area at a critical time. Price needs to break above 4282 with conviction to bring back confidence on this count. So far, nothing has been invalidated.