SP Verging

click to enlarge
Just about to to take out the rising wedge support, after a clear abc up, retracing 50% of the move down.
The count is calling for a -3- of 3 down from here and that is typically the most violent and extended leg . 
The -1- down was from 1218 to 1040 or 178, using the common  -3- = 1.618 of -1- measuring method we get 288 points or 820 as a target.
The .618 retrace of the 666 to 1218 corrective rally is 877. Even a very modest -3- = 1.38 of  -1- puts the SP under that 877 level.

Good Luck

Good Luck.


Popular posts from this blog

WTI Update- a 4 Handle Future?

Biden Climate Plan and Global GDP

Gasoline a By-product of Distillate