Flush the week - SPX

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Was thinking the downtrend was over today, but it looks like we've only completed waves 3-4 with the 5th wave down next. 4th waves are exceptionally choppy because half the participants believe the trend down is over while the other half do not. Looks like bears are going to get their way at least until tomorrow. I expect a flush into Friday and then a bounce starting next week.

We are below the 18day average and have lost embedded momentum on the weekly charts. Since this is probably an impulse (5 waves), it means that a larger turn in the market is likely upon us and any rallies are opportunities to sell. If this is incorrect I will update. Trendline would be the goal on any bounce in the next week(s).

good luck!

١٠ أغسطس ٢٠٢٣

ملاحظة

watch for IWM to be weakest and tech to hold up a little better during the final sell down. Tech should outperform on the bounce.

١٠ أغسطس ٢٠٢٣

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first wave done - selling into the close probable and gap down tomorrow also.

١١ أغسطس ٢٠٢٣

ملاحظة

good morning, they are still holding onto the wedge structure. A rally at open could knock out shorts and be a bull trap. I'll update if anything different happens.

١١ أغسطس ٢٠٢٣

ملاحظة

broke down, test of previous support should be resistance.

١١ أغسطس ٢٠٢٣

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false break down and now the original bounce target has been reached. Any more above this area and it will turn bullish.

١١ أغسطس ٢٠٢٣

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be careful being short, not sure what's going to happen next. RSI can go either way

١١ أغسطس ٢٠٢٣

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If they rally it - it could be this is the correct idea for wave 4.

١١ أغسطس ٢٠٢٣

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still in the wedge, bears couldn't break it down.

١١ أغسطس ٢٠٢٣

ملاحظة

ping pong until break, it will be a large break either way.