SPX 500 - the WXY chronicles

So we got the sell off last night after the false pennant breakout, ok good so far.

I'm still considering this a WXY correction, probably into next week, but it could be wrong. If I'm wrong, we'll keep heading lower towards the 200 ma on the weekly chart (right now it's at the 3500 area). The circled area would be strong resistance on the upside and needs to be taken out with an hourly candle close.

At this point, a further meltdown beyond most expectations is totally possible to finally break this market and have the Vix get over 40, so be careful with longs.

Oil target is 100, if it gets there today, that's an area to watch the equities reaction as well.

הערה:

SPY at open will be close to the X wave target. Still looks like it wants to come up and test that channel breakdown, open may be a bear trap if this is correct.

הערה:

maybe a bull trap at open, they are ramping it up pre mrkt

הערה:

watch for reversal around circle target area

הערה:

target area reached, reversal here would probably prove wxy pattern formation

הערה:

Up to test resistance area, if they take it out it's bullish, but I still think this is an intense bull trap, added shorts

הערה:

spy short stops likely hit, mine is at 378, looks terrible for bears

הערה:

still may come down but honestly I'm confused by how impulsive it is, so I'll just keep my shorts on with a stop so I don't go broke. Not a great day for me, let's see how it closes. There's always tomorrow.

הערה:

Powell commentary seems to be affecting the market

www.cnbc.com/live-audio/

הערה:

the market is eerily quiet. It is possible we've completed a C wave today, I'm not sure.

הערה:

they say "don't short a creeping market" - but in bear markets - "don't long a creeping market?"