$SPX MAJOR BOTTOM SOON
$S&P 500(.SPX)$
After today’s massive decline, we could be getting close to a multi-month bottom.
But the bottom is NOT in on this candle.
My main lean is one more push lower to TEST the July lows at 7,314.
Bulls want to HOLD the July lows to keep the bullish SMT with $NASDAQ 100(NDX)$ intact, but I’m expecting at least today’s low to get crossed.
If July lows gets crossed, the SMT is invalid and the next bounce could be a bearish W4.
The strength of the recovery from there will be telling.
While price is below the momentum break of this potential wave 3 at 7,533, bears are in control.
Above it, we get a bullish WXY to new highs.
Tomorrow I’ll share a potential daily buy signal if the setup presents itself.
🚨 WARNING WAS SENT
Last night I said $NASDAQ 100(NDX)$ was the cleaner bear count, with one more leg lower to finish wave 5.
Today it delivered, and members cashed out MASSIVE GAINS on $Invesco QQQ(QQQ)$ puts.
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- GlennOngkk·11-06 13:26Thanks for the sharingLikeReport