SPX Primed For A Powerful Wave 3 Decline - Update
SPX extended the double zigzag correction originating from the December 22 low terminating at today's 3950 high.
That 3950 high marks the completion of W2 to set up for the bearish W3 breakdown out of this consolidation period.
Below 3875 will confirm the W2 termination point, which should lead to retracing the majority of the recent rally targeting 3835-3805, for w1 of W3.
Ultimately, there is a high probability target range for the W3 decline, which includes the 78.6% retracement from the October 13 low and 90-100% extensions of W1. Those are 3648-3622-3615.
A fourth wave rally will follow after W3 is complete to be followed by a fifth to complete (W1).
That 3950 high marks the completion of W2 to set up for the bearish W3 breakdown out of this consolidation period.
Below 3875 will confirm the W2 termination point, which should lead to retracing the majority of the recent rally targeting 3835-3805, for w1 of W3.
Ultimately, there is a high probability target range for the W3 decline, which includes the 78.6% retracement from the October 13 low and 90-100% extensions of W1. Those are 3648-3622-3615.
A fourth wave rally will follow after W3 is complete to be followed by a fifth to complete (W1).
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