AI
Thursday, October 25, 2018 3:07:36 PM
I think it agrees with you, but ...
it's nearly over. And it will be over when $SPX says it's over:
According to my amateur E-Wave interpretation, the decline is in Wave_4 of 5. Using closing prices, Wave_4 can't go much higher because it is not allowed to overlap Wave_1. So Wave_4 could dink around a little longer but, as I've labeled it, it can't go much higher. So I'll guess that tomorrow is the beginning of Wave_5 and it will end at the solid gray line which already has a "5" on top of it.
So, this correction ends at $SPX $2,580. What is the dashed line that is below the solid gray line? The next lower support level; so if you want it to go lower, it could.
This makes a lot of sense to me because horizontal Sup/Res lines rule everything, including E-Waves, and any other indicator you can think of. SR Lines are the Boss. Everything else bows down to the Boss.
In essence, this correction wipes out 12-months of $SPX gain.
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