SPX Update
Since my previous analysis in which I called the bottom on SPX, we have seen upward impulsive waves. Though the impulsive wave was converging diagonals, indicating that the bulls are not that strong, but the current consolidation for next leg up might be able to change the market sentiments.
Even though the fundamentals and economic news are indicating macro bearish, that does not mean that people should open Short right away just by looking at news, we have seen before again and again the inverse co-relation of news with market for short term before ultimately playing out the fundamental scenario.
I am still expecting that we are in macro wave B of retracement as shown in my previous analysis on the SPX correction cycle count.
Even though the fundamentals and economic news are indicating macro bearish, that does not mean that people should open Short right away just by looking at news, we have seen before again and again the inverse co-relation of news with market for short term before ultimately playing out the fundamental scenario.
I am still expecting that we are in macro wave B of retracement as shown in my previous analysis on the SPX correction cycle count.
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