S&P500 can get more complex than one would think

9 ago 2019

The markets rallied hard yesterday from very oversold and topped -so far- right inside the ideal b-/2 target zone of the 38.2-61.8% retrace of the prior wave down (3028-2822). Today sellers took over. So is all of the bounce already over. Possible, a break below yesterday's open at 2895 would be a very serious sign it is. BUT, price can still care out a more complex pattern (alt: a, b) before topping. So don't take this decline for granted just yet. It is even possible that today's decline is only a smaller wave-3 of wave-c of wave-2/b (alt: a). So watch those price levels: 2895 followed by 2880.