SPX 2890 CONSOLIDATION (IN)COMPLETE!!!
RECAP 2182-2641=1/A, 2641-2431=2/B, 2431-2890=3/C!!, 2890-2724=4/D!!, 2724-?=5/E!!
Expected analysis was for 3 waves to the upside A=2641-B=2431,C=2890(100%), which is perfect however 2930 = 62% retracement, 2890-2930 price zone needs to be tested for resistance. if prices break out above 2890-2930 then price extension expected up to 3016 where C=A*127%. Price here will between 88% of 3138-2182 & 70% of 3393-2182 =3030-3040 resistance zone.
Price resistance from 2724-2842-2762= 2880(100%),2912(127%),2953(162%), above 2860-2880 caution warranted as prices could be explosive above 2940 = T1=2950-2975, T2= 2990-3010, T3=3027-3040.
Price support= 2850-2840, 2760-2740, 2720-2700, price needs to break below these levels to consolidate lower and likely back to retest the 2670-2630 or 2600-2575 support zone.
Break below 2600-2575 then expected support zone = 2460-2400.
Expected analysis was for 3 waves to the upside A=2641-B=2431,C=2890(100%), which is perfect however 2930 = 62% retracement, 2890-2930 price zone needs to be tested for resistance. if prices break out above 2890-2930 then price extension expected up to 3016 where C=A*127%. Price here will between 88% of 3138-2182 & 70% of 3393-2182 =3030-3040 resistance zone.
Price resistance from 2724-2842-2762= 2880(100%),2912(127%),2953(162%), above 2860-2880 caution warranted as prices could be explosive above 2940 = T1=2950-2975, T2= 2990-3010, T3=3027-3040.
Price support= 2850-2840, 2760-2740, 2720-2700, price needs to break below these levels to consolidate lower and likely back to retest the 2670-2630 or 2600-2575 support zone.
Break below 2600-2575 then expected support zone = 2460-2400.
