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spx -- As above, So below


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#1 chem

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Posted 09 May 2022 - 12:30 PM

The break of  377 daily sma viewed through the '00 and '07 action around this sma suggests 3650 area as initial decline target followed by a multi week/month recovery rally that approaches the sma from below.



#2 andr99

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Posted 09 May 2022 - 01:27 PM

3650 good for me too...


forever and only a V-E-N-E-T-K-E-N - langbard


#3 Douglas

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Posted 09 May 2022 - 02:32 PM

chem, I can't argue with that as a target since it's right between the 50% and 61.8% retracement from the 2020 low sweet spots, is near the 3600 previous pivot top and this MA split both the 2018 and 2020 sell offs right in the middle, but I assume from your note that this is only the first A leg down.  What's your ultimate C wave downside target after the B wave tests the MA from below, or are you thinking that it's 3650 and done?  

 

kZK0Ybp.png

 

Regards,

Douglas


Edited by Douglas, 09 May 2022 - 02:34 PM.


#4 chem

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Posted 11 May 2022 - 10:36 AM

Douglas you have it right I expect the complete retrace of the 5th wave. As I have mentioned before,to me, the indices presented  as commodities in their 5th wave structures. As interest rates rise the paltry dividend on offer these days won't cut it, as fixed income investments out compete equity.

 

https://schrts.co/GQNiSCmi