Latest development looks to me like ending of wave C or wave 1 of (5) of wave C. Both are equal possible.
I almost sure that globally we are in Ⅰ wave of new long term trend to the new high. So even if we get a new movement down to the 3500 we should no move lower.
I had 2 ideas in my trading plan.
If we just finished wave C of irregular ABC correction of wave Ⅰ, I want to enter after close above wave (4). I expect this price would be around 3900.
If we are not finished wave C we see new lows as wave (5) develops. In this case, I want to enter by limit order from 3700.
Technically this irregular ABC correction of wave Ⅰ is too short so I expect that wave (5) of wave C is not finished yet. I think it should finish at January 2023.
Not an investment advice
I almost sure that globally we are in Ⅰ wave of new long term trend to the new high. So even if we get a new movement down to the 3500 we should no move lower.
I had 2 ideas in my trading plan.
If we just finished wave C of irregular ABC correction of wave Ⅰ, I want to enter after close above wave (4). I expect this price would be around 3900.
If we are not finished wave C we see new lows as wave (5) develops. In this case, I want to enter by limit order from 3700.
Technically this irregular ABC correction of wave Ⅰ is too short so I expect that wave (5) of wave C is not finished yet. I think it should finish at January 2023.
Not an investment advice
Trade active:
Buying SPX. Exit below 3760
