On 9/7/20 the SPX bottomed almost exactly at a .382 retrace of what appears to be Minor wave 3. If so, it could be a completed wave 4. Wave fours typically retrace about .236 or .382 of third waves. Its possible the supposed wave 4 could require more time, note that wave 2 took about five trading days to complete. So far the supposed wave four has only traveled about two trading days.
Note the daily RSI hit its highest value since the rally began in March. The vast majority of the time with stocks and stock markets, RSI will register at least one bearish divergence before a significant price peak is reached. The maximum RSI reading implies higher SPX prices in the coming weeks.
Mark
Note the daily RSI hit its highest value since the rally began in March. The vast majority of the time with stocks and stock markets, RSI will register at least one bearish divergence before a significant price peak is reached. The maximum RSI reading implies higher SPX prices in the coming weeks.
Mark
Mark