On Thursday 3rd Sept SPX fell heavily for no apparent reason? there was no bad news or Fed announcements
so what triggered the fall?
Looking at the EW weekly chart one can see that wave III is 2.618 wave I which is a common fib ratio in extended
wave 3 situations. looking further one can see that wave V is exactly 0.618 the sum of waves I to III, another common
fib ratio for wave V.
In my opinion this is what triggered the fall as wave V hit this important fib level.
Now is this the end of the momentous rally? I don't know but there is heavy divergence on RSI, momentum etc BUT SPX
has surprised us many times with further rallies even when bad news is plentiful?
Next few weeks should decide where SPX goes next.
Good Luck.
so what triggered the fall?
Looking at the EW weekly chart one can see that wave III is 2.618 wave I which is a common fib ratio in extended
wave 3 situations. looking further one can see that wave V is exactly 0.618 the sum of waves I to III, another common
fib ratio for wave V.
In my opinion this is what triggered the fall as wave V hit this important fib level.
Now is this the end of the momentous rally? I don't know but there is heavy divergence on RSI, momentum etc BUT SPX
has surprised us many times with further rallies even when bad news is plentiful?
Next few weeks should decide where SPX goes next.
Good Luck.