In prior SPX posts I've noted there are several possible bullish wave counts, this post illustrates yet another alternate count.
I believe the SPX has a very good chance to make a new all-time high before the end of August 2018.
The recent SPX high at 2863 did have a bearish divergence on the daily RSI, it was not confirmed by the 60 minute RSI which reached its highest level since the early April bottom.
This implies the SPX has a good chance of exceeding the top at 2863.
The small SPX drop on 8/10/18 was curious because there was a spike in the Put/Call Ratio and it reached a level that coresponds with recent SPX bottoms.
On 8/10/18 the SPX found support at the rising trend line. However there are two important Fib levels at SPX 2790 and 2791. Two Fib cooordinates this close together usually are a powerful magnet and in this case could be powerful support. If the SPX goes down on 8/13/18 and is near 2790-2791 this could be a great area to go long.
I've posted several times that market turns sometimes come near Full/New moons. Most of the time New moons signal tops in the stock market, but on occasion they can also signal bottoms. The New moon on 8/11/18 - Saturday could be another piece of evidence that the SPX bottomed on 8/10/18 or will bottom on 8/13/18.
Mark
I believe the SPX has a very good chance to make a new all-time high before the end of August 2018.
The recent SPX high at 2863 did have a bearish divergence on the daily RSI, it was not confirmed by the 60 minute RSI which reached its highest level since the early April bottom.
This implies the SPX has a good chance of exceeding the top at 2863.
The small SPX drop on 8/10/18 was curious because there was a spike in the Put/Call Ratio and it reached a level that coresponds with recent SPX bottoms.
On 8/10/18 the SPX found support at the rising trend line. However there are two important Fib levels at SPX 2790 and 2791. Two Fib cooordinates this close together usually are a powerful magnet and in this case could be powerful support. If the SPX goes down on 8/13/18 and is near 2790-2791 this could be a great area to go long.
I've posted several times that market turns sometimes come near Full/New moons. Most of the time New moons signal tops in the stock market, but on occasion they can also signal bottoms. The New moon on 8/11/18 - Saturday could be another piece of evidence that the SPX bottomed on 8/10/18 or will bottom on 8/13/18.
Mark