$SPX Bears Still Have the Edge Into FOMC 🐻
Friday’s high is the line in the sand.
🔴 Stay below Friday’s high
The bearish count remains valid, and I’m looking for W5 lower into FOMC.
🟢 Break above Friday’s high
The decline starts looking more like a 3-wave move, which would favor a deeper retracement toward the 61.8% level.
There’s another warning for bulls 👀
The bearish SMT at Friday’s high increases the odds of an early pullback Monday.
My lean remains simple:
W5 lower first.
I’ll let price action decide what comes next. 🎯
The Fed meeting is coming, so I’m watching the level, not chasing the noise.
When markets keep you watching, knowing when to switch off matters too.
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