6.34am update
A sharp drop in SPX seen at this moment seems to disable the possibility of a bounce. 1343.13 - the bottom of the box might be broken today. If this is the case, bounces will be chances to sell.
SPX daily traditional view
A sharp drop in SPX seen at this moment seems to disable the possibility of a bounce. 1343.13 - the bottom of the box might be broken today. If this is the case, bounces will be chances to sell.
SPX daily traditional view
Overall picture remains bearish. However, because no important bounce found during last 8 bearish days and bears could'n make new low for last 3 days, it may be time to speculate about a bounce that is strong enough to keep at least one day in green.
A bounce to break the box ceiling? If it happens, it may be a break out of an ascending triangle to form a bear flag. In this case bulls may target 1370.80 - 1379.40.
If a dip day on Monday, I think the best bears can do is to visit 1343.13 the low of last 3 days.
Elliot bearish view
A bounce if any is only to make the wave c of the abc counter trend move to end the wave (II) for the beginning of wave (III) down. This is considered as an aggressive bearish count.
No comments:
Post a Comment