$SPX MAJOR BOTTOM SOON

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.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

GlennOngkk
11-06
GlennOngkk
Thanks for the sharing

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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. 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