SPX pullback UPDATE 3: "Friday Finish with a bounce" ?

Followup to my ongoing analysis of SP500 (see links below).

We may have found a bottom, Friday session will determine the fate.
There should be at least a "relief bounce" perhaps towards end of day.
Such a bounce could very well paint "the bottom" for the coming weeks.

Even while this index was falling like a rock, it did pay attention to the fibs.
Thus we can be confident that sooner or later it will bottom on "a Fib zone".
"Which" fib zone is hard to say, but look for a clean "Ping" for possible signal.

I am posting this just before Friday NY open.
Not a good day to enter any trades anyway.
But is a crucial day for world equity markets.

$ 2836-2860 is KEY support.
$ 2771-2777 is the Back Stop.
$ 2649-2665 is the Last Stand before the "R word.


Previous Analysis:
Jan 16, 2019: Call for Top or Near Top
Jan 27, 2019: Initial plot of Virus effect
Jan 29, 2019: Virus effect ABC plot
Feb 24, 2019: Initial plot Dip to New Highs
Feb 25, 2019: Dip update 1 - Early plot
Feb 26, 2019: Dip update 2 - Wave C targets

Commento:

So we got a bit of a bounce on Friday as expected.
Here is the fib of that bounce, apparently still in play:

Lets see how the rest of Monday plays out.
But there is a good chance bottom has been found.

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Commento:

Awesome bounce!

Monday brought a power bounce in US session.
Daily tf:

Note the Pings on each daily candle.

.

Zoom IN (15 min) to see the relevance of each fib on the chart

Normally I would draw a zone at each cluster,
with the outer fib values as zone boundaries.

.

Now, isolating the bounce and throwing a fib on it

looks it has very good fib rhythm with clean Pings.
That is the first requirement for a sustainable wave.
Lets see what NY does with this on Tuesday.

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