Both indices have completed 5 waves down from their recent all time highs. This can be seen in the following charts. An upward bounce has already began and we need to give the markets some time to let it unfold. An A-B-C upward corrective pattern is expected to unfold, pushing SPX towards 1800 and DOW towards 16050.
The current form of the index prices is making us believe that more downside is to be expected. After the upward bounce ends, we should expect a downward move towards 1740-50 for SPX and 15600 for DOW at least. The recent highs could very well be of great significance if prices continue to fall in an impulsive pattern. For more help trading these indices, become a member today.
Disclosure: None of the information or opinions expressed in this blog constitutes a solicitation for the purchase or sale of any security or other instrument. Nothing in this article constitutes investment advice and any recommendations that may be contained herein have not been based upon a consideration of the investment objectives, financial situation or particular needs of any specific recipient. Any purchase or sale activity in any securities or other instrument should be based upon your own analysis and conclusions.
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