SPX: Today's price action confirms wave 4 is not over. FB 1.618,
200 ma, and FB 2.618 provides support.
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Scrap the bullish option. V-1 coming up.
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Added wave A = Wave C option
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Wave C could be an extended 5-wave down. Wave A=Wave C very likely too.
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A stronger than expected wave (iv) bounce. An iHnS patter developed. If this rally continues, EW might be invalidated. See price targets on chart.
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Bullish alternate count:
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With todays price action, I believe the bottom will be within the zone containing wave A = Wave C or the Feb 09 low.
An alternate is if the 200MA held. Then wave (iii) will be wave (iv) like the earlier update above.
An alternate is if the 200MA held. Then wave (iii) will be wave (iv) like the earlier update above.
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Adjusted final price target to line up with strong support at the Wave a = Wave C, Wave a = 1.272 Wave C
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SPX Count still intact:
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