The bounce was not very powerful, but it was a bounce. For the big wave 3 down to stay in play, we will have to tank hard again tomorrow. Just as bad as we did 2 days ago.
Knowing the market loves to keep us all confused. I almost expect another 40 point S&P drop tomorrow.. but we'll see.. more below
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Key Levels
Upside -- 1251, 1272-1280
Downside -- 1227, 1199, 1121
* just a note here.. unusually large gaps between levels of support and resistance right now.. the next big move will be powerful.
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SPX Daily;
Here's pretty much the same things we had going on yesterday. We just had a relatively small bounce off of a double support area. Honestly, considering the support we landed on, the bounce should have been bigger and as a result has a bearish feel to it.
As I mentioned in the beginning, for the big wave 3 to stay alive, we will need to tank another 40 points tomorrow or Monday at the latest. Just to keep us confused with multiple options, I almost expect this to happen.
The alternative is we continue to bounce around inside the red flag I have drawn in there. That would pretty much confirm we are in a B wave and will be starting C up in the next couple weeks.
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Side note, I want to thank folks for a few donations I recieved recently, they are much appreciated. It might take me a day or 2 to accept because the account is in the verification process, these were the first donations I recieved. :)
GL
CJ
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