The latest setups point to downside risk for equities, with $S&P 500(.SPX)$ potentially running out of room to rally while oil continues to push higher.
Here’s what I’m watching. 👇
📉 $SPX — Relief Rally May Be Over
Five waves down. Three waves up.
That’s a bearish structure, suggesting the relief rally could be nearing its end.
🎯 Key levels to watch:
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7,616: Equal lows and the first downside target
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September low: The next potential target if support gives way
Even if we see more upside first, daily resistance could cap the move.
The bias? Lower, unless price action proves otherwise.
✅ The Previous $SPX Low Call
The low was called at 8:59 AM, with an ABC move into the target.
The setup combined:
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Higher-timeframe candle sweep
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Bullish divergence
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A confirmed trigger
Both targets were hit. The ABC Model, SMT Model, and HTF Candle approach all played a role in the setup.
🛢️ $WTI Crude Oil - main 2612(CLmain)$ — Wave 5 Confirmed
The oil setup triggered on October 13, but the move may not be finished.
Equal highs near the March highs are the next potential price magnet.
Why does this matter for stocks? Higher oil prices can add inflation pressure and weigh on equities through higher energy costs and tighter financial conditions.
Markets are always moving - and sometimes, the best move is knowing what works for you.
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