$SPX made a new high, but the topping pattern has not wavered
$.SPX(.SPX)$ made a new high, but confidence in the topping pattern has not wavered.
The multi-year bear market reversal is delayed by 1-2 months and should target the 6080-6100 range before the topping setup returns, as SPX needs to retrace a 5-wave move to finish Wave C of [W5] of Wave [5].
For now, expect price to remain above 5920-5937 until we trace out 5-waves up from the November low to those targets.
I’m excited for what’s unfolding—this little detour will only strengthen the probability of the bearish pattern.
The world will soon be shaken.
$SPDR S&P 500 ETF Trust(SPY)$ $E-mini S&P 500 - main 2412(ESmain)$ $NASDAQ 100(NDX)$ $Invesco QQQ(QQQ)$ $E-mini Nasdaq 100 - main 2412(NQmain)$
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