On the longer term S&P500 analysis posted last week, I set the expectation that there would be a solid drop in the index this year, but not before a corrective recovery to the upside.
Taking a closer look in the 4HR timeframe, this is my roadmap.
The yellow box indicates the 100% to 161.8% extension from waves A-B. It is a common target for extensions, and I expect a lot of resistance in that zone. This would also be the 50-61.8% pullback zone, also an area of interest.
Taking a closer look in the 4HR timeframe, this is my roadmap.
The yellow box indicates the 100% to 161.8% extension from waves A-B. It is a common target for extensions, and I expect a lot of resistance in that zone. This would also be the 50-61.8% pullback zone, also an area of interest.
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