Might This Be The Path To Our Terminal Top? (SPX)
By
Levi
Might This Be The Path To Our Terminal Top? (SPX)
The structure as shown here is the one that makes the most sense to me at the moment. It's also the framework that will tell me in the quickest fashion when to adjust. That's with a move below 4630 before completing all of what is shown here. Should the entire structure play out in ideal manner then 4918 is the target, some +100 points above the former ATH at 4818. It would then provoke a sell off that would mimic the prior move down from 4607 to 4103 but might take less time to do so. Why? Look at the incline angle of this current move up in what is counted as circle 'a'.
What's more, and you just can't make this up, is the confluence of price from that potential 4918 target. Correct, markets are not linear in nature, but they do form similar moves at times. Also, this would be one of those 'reverse-engineered' .618 setups that I have observed at many other moments. This is how it could play out...
Now, will it indeed happen like this? I don't know. But this is what I'm tracking/following until it breaks.
