SPX can extend higher to the 5385-5435 target zone
As long as price remains above 5305, but ideally 5346, $S&P 500(.SPX)$ can extend higher to the 5385-5435 target zone.However, there would be risk in a higher degree pullback in that 5385-5435 range - especially if the later target is reached.The loss of 5305 would suggest the leg up from 04/19 being complete leading to that higher degree pullback. $SPDR S&P 500 ETF Trust(SPY)$$E-mini S&P 500 - main 2406(ESmain)$$NASDAQ 100(NDX)$$E-mini Nasdaq 100 - main 2406(NQmain)$ ImageImageSPX produced a quadruple double zigzag at today's low 📝We then favored a bullish
$S&P 500(.SPX)$ is nearing the 5385-5430 5th wave targets, but there is risk this leg up is already complete.As long as SPX remains above 5325-5305, it can extend higher to 5385-5430.However, the loss of 5305 is a strong warning sign a higher degree correction is playing out leading to 5250, if not 5000 for [W4]. $SPDR S&P 500 ETF Trust(SPY)$$E-mini S&P 500 - main 2406(ESmain)$$Invesco QQQ(QQQ)$$E-mini Nasdaq 100 - main 2406(NQmain)$ ImageImageWe expected the dip to be bought leading to a new high above 5362 📈After finding support at the channel, we longed t
Further rally to 5310 is expected, but $S&P 500(.SPX)$ would then be highly vulnerable to a sharp reversal once reached.If price trades to 5310 then reverses, retracing 50% of Monday's rally, it would be strongly favored a powerful 3rd wave decline is beginning.If so, that should lead to a new low sub:5191 with downside potential for much more. $SPDR S&P 500 ETF Trust(SPY)$$E-mini S&P 500 - main 2406(ESmain)$$Invesco QQQ(QQQ)$$E-mini Nasdaq 100 - main 2406(NQmain)$ ImageOn Monday, we expected a reversal from the highs targeting 5245 🎯SPX RAPIDLY declined to
SPX reversed strongly to the downside to the 5240-5211 target zone
As expected, $S&P 500(.SPX)$ reversed strongly to the downside to the 5240-5211 target zone.SPX terminated, or is about to terminate, a bearish 3rd or bullish higher degree fourth both suggesting a rally to 5250-5270.If it remains below 5270, it should produce a 5th wave decline invalidating the bullish fourth (lean).However, a break above 5270 would favor the bullish variation. $SPDR S&P 500 ETF Trust(SPY)$$Invesco QQQ(QQQ)$$E-mini S&P 500 - main 2406(ESmain)$$E-mini Nasdaq 100 - main 2406(NQmain)$ ImageImageWe CRUSHED this decline as we expected a reversal
SPX likely produced a triangle, which favors further upside to 5335-5350
$S&P 500(.SPX)$ likely produced a triangle, which favors further upside to 5335-5350.That is probable while above 5306, but likely invalid below 5297.If/once 5335-5350 is reached, SPX is vulnerable to a pullback as that may terminate a bullish 3rd or bearish Wave B. $SPDR S&P 500 ETF Trust(SPY)$$E-mini S&P 500 - main 2406(ESmain)$$E-mini Nasdaq 100 - main 2406(NQmain)$ ImageImageWe were looking for SPX to trace out a triangle to target 5315-5319 from the opening lows 📈Price rallied there, then we expected a fade to come for the E-Wave before a burst higher 📉That played out as projected ✅ImageImagehtt