Wave-e:b:y:2 Appears Complete

SPX DAILY UPDATE

Back in January, when the SPX hit the orthodox wave-x:2 high, I forecast a drop of ~340-points, to the ~3000 range, then a rise of ~170-points, and a final decline of ~470-points, to the ~2750 range.

 

Link to larger chart:  Link

 

 

At this juncture, with an expanding wave-a:y:2, I’m now looking for a ~290-point drop to the ~3100 range – just shy of the 200-DMA, then a .382 bounce of a ~110-points in wave-b:y:2,, and then a final decline of ~470-points in wave-c:y:2 to the ~2750 range – as always, this is a work in progress, and may need tweaking as it develops.

 

Link to larger chart:  Link

 

Here’s another look at the SPX daily chart with the Andrew’s Fork I’ve been using since last year to help target pivots.

Note how it caught the last pullback pivot and this new high pivot.

A drop to the original upper tine is the ~3100 range I’m looking for as a wave-a:y:2 target, then not quite up to the next higher tine for the wave-b:y:2 retrace, then down into the middle tine of the original fork to complete wave-y:2… watching.

 

Link to larger chart:  Link 

 

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