123Tom's TA study group

[123tom]

Geometric/Fibonacci/Elliott wave S+P 500

The bounce has to reach the finish rally target zone around 2865 area to recover bullish structure. IF it fails to reach that completion zone, and struggles at the 2825/2800 area, That zone then becomes a Wave C bearish pattern capping area,an ABC correction, that with Failure there could follow the downward Fib arcs to retest bottom zones. The 50 ma marks the bullush target zone,and the 200ma marks the critical support level for the next cycle pattern. either would become support in the upward pattern or becomes a resistance line if price pushed down below it and bounces to get capped there.

The current bounce needs to reach the 2800-2825 zone to trigger the resistance there, and when that happens the support steps around 2750 will need to hold. .

complete rally wave target zone 2865 area
This is my current road map for watching price action in the coming weeks.