11/3 - SPX Squiggles

15 Min

10 Min

5 Min

EDIT: Just wanted to add that the 10 day MA = 1057 and 50 day MA = 1052.

This is a bearish squiggle count, which I think counts well.

It can either be a zigzag (a-b-c) or double ZZ (w-x-y) for minute [ii] or (a) of minute [ii] or possibly just a wave 2 of a series of nested 1-2s. Either way they both mean the same thing at this point. For the sake of simplicity, I will refer to it as an a-b-c zigzag.

On all charts above, I have placed the Fibonacci scale for waves a blue, wave i (red) of c and wave i (green) of v(red) of c.

Notice on the 5 min chart, there is practically a Fibonacci confluence at 1047. The confluence occurs where:

- wave v(red) of c = 1.618 x wave i(red) of c AND
- wave v(green) of wave v(red) of c = 1.618 x wave i(green) of wave v(red) of c

If price were to retrace to this level, it would breach the upper trend channel (blue) ever so slightly but still remain below the purple trendline (8/17, 9/2 and 10/2 lower channel line). So this is one possible target.

Now take a look at the 15 min chart. If wave c(blue) = 1.618 x wave a(blue), price would tap 1057. 1057 would also coincide with the 38.2% retracement of price from the 1101 high to 1029 low.

Just some things to think about.