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What do you think about all these $SPX gaps above us? Do they need to get filled before going lower? Do gaps always get filled?
tietzr 1 year ago
@tietzr Not all gaps get filled... If the SPX gap on monday is too far up for me to be bearish. If we do fill that gap, i'd be already in the bullish camp.
Anything above 1050 on the SPX turns me bullish. So i rather we find resistance at 1038-1047.
u05ikoren 1 year ago
@u05ikoren Aren't we going to carve out a wave 2 higher though so then we can get a Wave 3 of 3? Or, do you just see a head and shoulder pattern backtest and breakdown? Wave 3 of 3 is the more bearish route.
tietzr 1 year ago
@tietzr To me right now it looks like we have subwave 1 from the highs to 1040, then subwave 2 to 1130 high, then from 1130 to 945 or so for subwave 3, then a subwave 4, and then a subwave 5 to 880 or so... that's my guess right now.
I think the retest for the Head and shoulders will probably just be a mini wave before some more downward action.
u05ikoren 1 year ago