123Tom's TA study group

[123tom]

S+P plunges another 80 points.
I think it will recover completely by end of November.

Looking now for a bounce to reach 2800 area (2780/2790/2800) and see if it shows strength getting there in the coming days. The pullback from that peak zone needs to hold around 2745/2750 area, and then the rally continues in November to recover the pattern at 2900.
I don't know if it will do this rally, but that's my forecast.

Yesterdays plunge did not bounce up from the open.(2790/2800 area) so I am recalculating from 80 points lowed down, with the same projected pattern,just all the measurements are about 70/80 points lower down.
From the 2710 Bottom. I'll call it a bottom here today.
The bounce I expected from yesterdays low, didn't happen this morning, it fell 80 points lower to start at 2710. so I adjust the picture to show the difference,but the recovery targets are the same. at 2900-2940 peak, and resistance shoulder zones at 2870/2850 area,and now first major resistance zone is looking at 2780-2800 area.

and it might take a few weeks longer to recover.