Replies to post #8681 on S WAVE CHARTS

[NASARAVI]

Snoot:

Many thanks.

Regards.

[jxyzobrien]

New bear market
I needed to see the rally and it is over. I would expect after the
selloff a rally to monthly BB CL. Too much technical damage has
been done.

[NASARAVI]

Snoot

Looks like we may or may not touch 13 MA at 2045 from the bottom and then down we go.

Current target is 2000 - so your call is what I feel will end up as the correct one.

After 50 % retrace the next one you have is 62%, that should do it.

Regards.

[NASARAVI]

Snoot

As long as we stay below MA13 at 2045, this could be down move in bigger picture.

Regards.

[kchan24]

Snoot- RSI14 negative divergence at recent top on monthly is huge! Would retest of line connecting 2001 and 2008 top @ 1610 spx possible with longterm fork middle tine? 666 is bottom of fork, top of fork 2940. Market was at 1600 5 years ago. Change is reverse QE now $50 bil a month.

Thanks

[kchan24]

5 years ago spx popped above upper BB line of monthly (240,2,0) and spend only one month (Jan 2016) inside that BB out of 60 months. Year 2001 top was 400 points above 240 upper BB line. Top this month has same 400 points above upper BB. ABC correction from 2001 top took nine years. Let's see how long correction takes this time.