SPX & SPX 500 SEEMS TO HAVE STARTED BEARISH TREND
SPX & SPX 500 SEEMS TO HAVE STARTED BEARISH TREND
NEXT LOGICAL SUPPORT IN THE REGION OF 2040 TO 2025.
NEXT LOGICAL SUPPORT IN THE REGION OF 2040 TO 2025.
SEE DETAILED REPORT AT: amgonifty.wordpress....sp-500-eod-29042016/
1st Case:
On the trading day of 29/04/2016 SP 500 shown bearish trend as per expectation & retraced exactly till 2052 which 200% fibo level of our grid marked on the charts which also coincides with 161% fall of wave 3. As per Elliott wave 161% fall can be normal or extended.
I am assuming here wave 2 retraced 61% of wave 1 & so I am assuming wave 4 will retrace 38% as wave alteration rule so which is already retrace 38% placed at 2070. So if it is 5 wave structure then fall should resume.
So if this proves out to be 5 wave impulsive structure then we can expect another fall as a wave 5 till levels of 38%(2046), 61% (2033), 71%(2027) & 100% (2010).
2nd Case:
Again 2nd possibility is that it will be 3 wave structure. Then it is likely that total fall from 2111 to 2052, will be retraced 61% to 88.7%. Level are shown on the chart 2088 to 2104.