$SPX - The current rally may hold a potential 5-wave impulse up
$.SPX(.SPX)$ should be close to completing the 2nd wave correction before beginning the powerful 3rd wave decline.
The current rally may hold a potential 5-wave impulse up if we decline immediately, but a quick new high to 6030-6050 would turn the rally into a bearish 7-wave price swing.
There is a Daily FVG at 5931-5872 that could act as support, but a Daily close below 5872 would strongly favor the 3rd wave decline beginning.
$SPDR S&P 500 ETF Trust(SPY)$ $E-mini S&P 500 - main 2503(ESmain)$ $Invesco QQQ(QQQ)$ $NASDAQ 100(NDX)$ $E-mini Nasdaq 100 - main 2503(NQmain)$
With price crossing the [W2]/[W4] trendline, that activatesthe 2/4 trendline model favoring that the impulse from the2022 low is complete - thus the [W5] of Wave 5 rally.
Therefore, the 6099.97 peak now marks the top of the 15-year rally to now enter the multi-year bear market with40-60%downside targeting 3400-2700,
Price is expected to see all of its rallies get viciouslysold over the next 1-3 years until those targets arereached.
However, a cross above 6099.97 would invalidate suchand bring uncertainty as the 2/4 trendline model stronglyfavors that not being crossed.
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- KSR·01-22 08:31👍LikeReport