The S&P 500 started on the back foot at the open as there was an initial bout of selling to take SPX back down to test the close from yesterday. After that zone held, there has been a steady rise to fill the overhead gap and push for the next retrace level up at 3935, which would make for a typical wave [IV] high. I’m willing to allow a bit more to 3945 which is a Fibonacci extension up off the low but beyond that, this looks less like a fourth wave and more like a two. If a two, they might try to squeeze up late in the day to reach 3966.
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