SPX Short: Seeking Peak
The new high has forced me to recount the last wave and forced me to bring back the original count where I had expected another wave in the early days of October. This has definitely dragged on for too long.
Now, let me first say this: there is an alternate count that I am holding that has a scary price target just slightly more than 6000 for SPX. So if I am wrong, CUT THE SHORT POSITION.
With that, let me continue.
As you can see over in this chart, I will bring your attention to the following:
1. A huge wedge for primary wave 5 itself in Yellow.
2. An internal wave for wave 5 of 5 in Green.
3. A Fibonacci extension that is projected from wave 1 of intermediate wave 5 to the entire intermediate wave 5 (blue wave).
4. An ending diagonal for wave 5 of intermediate wave 5, drawn in green minor wave.
5. The breakdown of the ending diagonal using corrective a-b-c waves in purple (there is no 1-2-3 waves in TradingView for usage).
6. RSI is extended overbought region.
From the above, my primary count is that we should see SPX peaking this week. There are 2 potential peak points:
1. Fibonacci extension level of 5802.
2. The upper trendline of the wedges which will be around 5820.
The above 2 price points are potential entry points. An alternate way for short entry will be to wait for a reversal candle.
You also see in this chart a purple breakdown line. This line can be used if you are a strong hand waiting for the final confirmation of the break and can withstand volatility.
Good luck!
Now, let me first say this: there is an alternate count that I am holding that has a scary price target just slightly more than 6000 for SPX. So if I am wrong, CUT THE SHORT POSITION.
With that, let me continue.
As you can see over in this chart, I will bring your attention to the following:
1. A huge wedge for primary wave 5 itself in Yellow.
2. An internal wave for wave 5 of 5 in Green.
3. A Fibonacci extension that is projected from wave 1 of intermediate wave 5 to the entire intermediate wave 5 (blue wave).
4. An ending diagonal for wave 5 of intermediate wave 5, drawn in green minor wave.
5. The breakdown of the ending diagonal using corrective a-b-c waves in purple (there is no 1-2-3 waves in TradingView for usage).
6. RSI is extended overbought region.
From the above, my primary count is that we should see SPX peaking this week. There are 2 potential peak points:
1. Fibonacci extension level of 5802.
2. The upper trendline of the wedges which will be around 5820.
The above 2 price points are potential entry points. An alternate way for short entry will be to wait for a reversal candle.
You also see in this chart a purple breakdown line. This line can be used if you are a strong hand waiting for the final confirmation of the break and can withstand volatility.
Good luck!
إخلاء المسؤولية
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