Replies to post #54407 on Options Wonderland

[???]

DIA Rising Wedge Nearing Support

If it breaks, IMO the best case scenario is a fall to $105.5 at the 50MA (roughly 10,550).

But what I think most likely will happen is a test of the 100MA at $104.60 (roughly 10,460).

[Market Technician]

$SPX 3y Weekly

Interestingly, wave Y = wave W. Wave 2's typically retrace .618 of wave 1. We're still not there. If a final zigzag is occurring--Z, then it may propel us .618 % of Y, or 100% of Y. I've included the two possible targets for Z. Also note the fibonacci cluster of the .618 retrace level of wave 1, and the .618 extension of wave Y where Z = .618 of Y, thus a higher probability termination point for primary wave 2 (which is a triple corrective WXYXZ).