The next week or two should be interesting. The SPX bounced substantially off the week's low and fell short of the 200 week moving average at the 2600 level. The bounce recovered 38% of the flush and formed a bullish engulfing weekly candlestick.
I think the bulls get at least one more push higher. This would be consistent with the alternative bear count, which has this bounce as wave a of (b) with at least a wave c of (b) higher to come.
2191.86 is the level to hold for the bulls.
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| SPX - Weekly |
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| SPX - Weekly Close Up |
The daily chart below. Some Fib retracement levels to keep an eye on. Something else to consider is the expanding triangle pattern that has played out since January 2018. This would be consistent with a wave 4.
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| SPX- Daily |
Here is a closeup view and count for the bounce
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| SPX - 15 Min |
