#SPX = Daily Update = 08.11.2021 $SPY #investing $SPX #trading #ES_F #DowJones $NDX

SPX, NDX and DJIA formed Spinning Tops. Of course, for them to become the actual tops they would require confirmations. Some red candles tomorrow that close below todays lows would do, especially if RSI drops from the overbought area.

Elliott Waves

SPX/ES extended 2.618 off the September low and I view this level as a possible pullback zone.

Currently I am tracking three possible paths as shown on the chart above:

  1. Green (primary).
    Wave 3 completed. Expected pullback to $4560-4620 in wave 4. Green rectangle.
  2. Red.
    Wave (1) completed. A bigger pullback to $4450-4600 in wave (2). Red rectangle.
  3. Blue.
    The correction that started in September is not over. Possible wave C, targeting $4200-4500.

Of course, as the bullish odds are never zero, there is a chance of continued rally. The indices would need to close at a new high for that. Odds – rather slim.
Let’s see how the indices move tomorrow.

Good Luck!

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.


2 thoughts on “#SPX = Daily Update = 08.11.2021 $SPY #investing $SPX #trading #ES_F #DowJones $NDX

Comments are closed.

%d bloggers like this: