UPDATE: S&P500 EXPECTATIONS (12h)

Just an update based on the way the S&P500 has progressed since my last post. My outlook is still the same as last post as we have not had any major changes from the path. We are still crawling along what I believe is the first corrective flag for longer term downside (ABC in dark pink), which constitutes the 1-2 wave of the downside impulse shown in bright blue. Just prior to this post, she tagged the local previous high of around $3180. If it was to form a nominal flat, it potentially has the room to go to around $3200 before reversing. However, from the way she's behaving currently, it doesn't look like she'll be able to breach that $3180 top, which means it has formed a bearish ascending flat (aka truncated C wave). If this is the case, then we should see a continuation of the downside move sooner than later. Either way, I am still taking Sells every time she goes up higher. If she breaches $3200 area, then I believe we may be headed to tag the ATH and possibly look for Sells from there.

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Here is a nice example of Crude recently doing exactly what S&P500 is doing now.

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S&P500 Tagged the previous high today and has started to drop 😎

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This is taking its sweet time to play out. I am monitoring to see if the bearish flag that is developing will be the first confirmation of direction change for some considerable downside. I already have positions at C,2 price level. Will continue to monitor.