SPX Roadmap Oct 2018
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Correction could go on into next week
Nota
Based on my set of metrics, yesterday registered as 2/3 most oversold condition for the last 5 years! So assuming there is a catalyst to the upside, the chase for performance in the fund space into year end could be massive. This should all come within a deteriorating economic background of growth slowing 4Q18 and 1Q19.. so corrective upNota
Most likely depending on today/Monday, an undercut low or some other final low next week (similar to Feb 2018). In any way, from a cyclical aspect 2/3 week of Oct was the expected focal point of max selling pressureNota
The decline from the high represents 61% Fib retrace of the upmove from April 4. Typical deep retrace for a running flat C wave.Nota
Lots of selling last week, but looking at majority of my indicators it does seem a bit more selling is needed next week plus the impulse wave from the high does not look like finishedNota
Another alternative is this to have been 1 and 2 wave of ED which means Wave 3 to start this week..all corrective waves of courseNota
What supports this latter one is that we had a deep retrace to 62% for potentially Wave 2..so Wave 3 starts this week thenNota
Good initial bounce so farNota
Testing of resistance turned support now at 2780 was succesful. Good..Nota
I am thinking 2966/3015 by year endNota
Looks like a bearish butterfly pattern tentativelyNota
Very good day today, the reversal above the midline risingNota
The running correction is not invalidated yet. Tomorrow is critical
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