SPX is now in prime position to reverse higher for the corrective 2nd wave
With the modest lower low, $S&P 500(.SPX)$ is now in prime position to reverse higher for the corrective 2nd wave.A break above 5560 would increase odds as that would cross the trendline from Friday's high, though a Daily above 5667 is needed to confirm leading to the blue retrace zone.Tricky fractal count, but I am leaning the 1st is done & short squeeze is next. Just want that cross above the trendline. Way too risky to short now for sure. $SPDR S&P 500 ETF Trust(SPY)$$E-mini S&P 500 - main 2503(ESmain)$$NASDAQ 100(NDX)$$Invesco QQQ(QQQ)$
SPX is exaggerating the 1st fractal wave of the multi-year bear market
$S&P 500(.SPX)$ is exaggerating the 1st fractal wave of the multi-year bear market, but is potentially complete to begin a 2nd wave corrective rally.The key is the 50% of Friday's decline, currently 5565. If SPX crosses that, the 2nd wave is confirmed in progression to retrace 38.2-50% of the 1st (5765-5840).There is risk for choppy downside while below 5565, though I lean we likely already completed the 1st wave at today's low. $SPDR S&P 500 ETF Trust(SPY)$$E-mini S&P 500 - main 2503(ESmain)$$NASDAQ 100(NDX)$$Invesco QQQ(QQQ)$
$S&P 500(.SPX)$ confirmed a bullish WXY model at today's 5732 low - favoring [W4] termination to begin the final [W5] rally.If so, 5732 should not be crossed to escalate [W5] ultimately targeting 6200-6250 before topping.However, if 5732 is crossed, the next wave down may be a bearish 5th wave targeting 5708 - flipping from a bullish to bearish bias suggesting the top is already in. That is invalidated above 5865, which would support the bullish outlook (lean). $SPDR S&P 500 ETF Trust(SPY)$$E-mini S&P 500 - main 2503(ESmain)$$NASDAQ 100(NDX)$$Invesco QQQ(QQQ)$