Hmmm.... things seem to be turning bearish The last line of defence for the bulls is the 62% retracement at ~1051 for the SPX. If this support is broken, then the bears will likely take over. The VIX, VXD and VXN all have their 62% retracements broken. There is very little room left for "one more leg up in the SPX". Bear count in chart! SPX 90min
Here's one of the VIX. The last two lines of defence for the bulls are the 78.6% & 88.6%. Beyond that, it's almost certain the markets are dropping again! VIX 90min
There is no hope for the Bulls . All the red lines were breached . Next stops may be 1020 - 1000, where we may begin to count Wave IV]C)III which may fall another 50% :eek: .
Five waves DOWN at measured move . There may be a rebound to 1072 . Sold when 1067 failed should buy here and sell again at 1072.
Just a warning for everyone thinking/holding short. RSI goes faster then price! If the 2 oct bottom holds, S&P wants to test the last top...
Most indices are at supports . But some are also waiting for the "M" pattern confirmation . Either the supports or the "M" patterns fail .