So far, SPX is getting a nice bounce off its 200W MA. This in my opinion, is a scenario that would screw over the most amount of bears and bulls. SPX could be trading in an expanded flat correction meaning we're about to witness an impulsive 5 waves to the upside to around $4,300-$4,500. At that point, I'm pretty sure everyone is going to be screaming all time highs. The last bears would convert into bulls before a zig zag all the way into the abyss. $3,200 probably wouldn't be the bottom. What would confirm this wave count to me is if we rise above the 2020 Bull Run VPOC at $3,889 and flip it as support.
Not many people including myself is expecting SPX to rally right now, so according to reverse psychology, it may rally, and the wave count works. This would inflict MAX pain imo.
I still believe the bottom is not in. Even if SPX hits $4,500, the bottom is not in.
Not many people including myself is expecting SPX to rally right now, so according to reverse psychology, it may rally, and the wave count works. This would inflict MAX pain imo.
I still believe the bottom is not in. Even if SPX hits $4,500, the bottom is not in.
Comment:
Money Flow on Cipher B has crossed to the downside on the weekly TF
Comment:
Weekly Money Flow crossovers seem to be very bearish. I've seen this on BTC and SHOP now, and both collapsed eventually after it's Weekly Money Flow crossover. If SPX does pop all the way back to $4,300-$4,500, it'd be a good opportunity to reload on puts imo.
Comment:
Quarterly bearish MACD Cross