Just a follow up of the previous idea today. Looking at a bigger picture, the downside target of SPX could be deeper than previous mentioned.
The initial support just below Jan low around 1800 handle is projected by the fib relation inside the current 5th wave
.
The lower level support around 1760 handle is based on the C wave decline since last year.
The support of last resort in my mind is around 1720 handle, where a much larger degree fib support is located at.
If this is a true mid term correction bottom, do not be surprise if the market only trade down there in the matter of minutes.
The initial support just below Jan low around 1800 handle is projected by the fib relation inside the current 5th wave
.
The lower level support around 1760 handle is based on the C wave decline since last year.
The support of last resort in my mind is around 1720 handle, where a much larger degree fib support is located at.
If this is a true mid term correction bottom, do not be surprise if the market only trade down there in the matter of minutes.