Todays move might be the end of a corrective wave or a start of a more severe wave down. We would get more confirmation as patterns develop of course.. If the SPX sustains more pressure tomorrow the acceleration will get more intense, so keep this in mind if you are trying to buy a bottom. As our ST remains bearish so will we...
Today's close is also important that it closed below the Daily 75ma, which is now the support/resistance zone.
MT: DOWN
ST: DOWN
PA: DOWN
As the markets develop today, I have come to a few options of what it could bring near term along with the dates provided by Andre ( a poster on Solarcycles.net).
1. The waves are patterned as a 3 wave, which could be just that.. Corrective and a new impulsive move up should occur. (BULLISH).
2. The 3 waves is not a 3 wave but more like a 1-2, I-(ii still to form) (BEARISH).
3. The 26th is said to be a low, and it could be if we make the final morning move lower and bounce to end the wave-i. Wave-ii should then begin.
4. Since we have a next trade date along the Oct. 3-5th period, I would then assume from our analysis that wave-ii would end then and would have to move sideways for next week before the end of week accelerative drop for a wave-iii.
5. This is the third option and is bullish longer term. Since we are looking for higher highs to end the year, we would need to evaluate the current wave as an abc for (wave-A). This would then be followed by an abc for (wave-B). The next would be another leg lower that starts on Oct 3rd - 6th for an accelerated move lower and bottom by Oct 10th.
6. That said, Wave-A would = Wave-C or 161.8% as a wave C alternative of wave-A, so once we have a complete wave for us tomorrow, we can then look at a possible ending target for Wave-C and project the 100% - 161.8% to find the ending of Wave-B.
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