SPX - as mentioned previously, I am really weary about this market and picking turns after getting it wrong for so long. it has been an expensive lesson for me. however price actions speak louder than words and the charts are starting to show similarities to the turn in Sep / October for the SPX. If I were a bull, I would be an anxious one.
starting with the weekly - of course one more day in the week so things may be different tomorrow. big bar down. overtaking the previous 2 weekly bars similar to Sep / Oct 2018.
Daily chart - a "U" shaped like TOP then 3 bars down. as illustrated. shorter term moving averages have either crossed or about to cross. I look at the 4 vs 13 and 9 vs 13 moving averages. Also todays close for the SPX is sitting right on the 200 day SMA (purple line). SPX might bounce around the 200 day SMA or head back up from here but if it breaks through the 200 SMA convincingly. then maybe a start of wave 3 down. Wave 3 is the most powerful wave which will unfold in 5 waves (3 impulsive and 2 corrective) Wave 3 - Much more damage than the one experienced in Oct through to December 2018. I must say I am writing as someone whose confidence has been shaken by the strong rebound.
