#SPX = Doomed, I Guess… = 10.09.2021 $SPY #ES_F #stocks #investing #trading

Today $SPX hit the target specified yesterday for the subscribers. I am sharing the Sep 9 post for everyone to read.

==========================================================================

ELLIOTT WAVES

After studying the candles and indicators, I charted from scratch the last rally in SPX (I used futures for the chart). The wave was very clear for the first 4 waves. The wave 5 was unusually symmetrical from the beginning and it went sideways. As the result, it ended as a fairly large and clear ending diagonal. Multiple factors support the idea.

Musings

  1. When large rallies are topped with ending diagonals, it typically means a dramatic and often large retrace. The first wave of the reversal normally lands at the level of the diagonal origin, the beginning of wave 4, $4462 in our case.
  2. The slope of current wave down makes me think that $4462 or lower could be reached tomorrow (-0.9% from the price as I type).
  3. Tomorrow is Friday, the day of weekly candles. As I shared in previous updates, the weekly candles already don’t look healthy.
  4. If SPX closes lower than today, it would form one of the strongest bearish reversal candles on the weekly frame.
  5. If it happens, expect at least one week of lower prices, over 80% probability of a multi-week (even multi-month) correction.
  6. I could continue on about the possible paths for wave B etc., but let’s just get the closure on Friday and I will address them in the weekly analysis on the weekend, depending on the outcome tomorrow.

    End of Sep 9 post.

This one definitely goes on the Track Record. Not to mention the call on the Top the week before.

If you would like to know, what is next and the projection of waves, targets and timings, this information will be shared with the subscribers only as Premium Content.

Premium Content

Read more of this content when you subscribe today.

Follow the blog in Twitter @InvestingAngles or by email subscription.

As tweets are often buried among the other tweets on the topic and one is looking for regular updates, I recommend that you to sign to the email updates in the blog – every single post will be automatically sent to your inbox.



%d bloggers like this: