The buying panic that began on 10/27/23 could soon be at a termination point.
The drop from 07/27/23 to 10/27/23 counts best as an Elliott wave Leading Diagonal Triangle. The wave count is valid if the SPX can remain below its 07/27/23 high at 4,607.07.
MACD is overbought and RSI is nearly overbought. In panic spikes its common for momentum oscillators to register a price extreme without a divergence.
If the SPX can remain below 4,607.07 for the remainder of November a very important top could be in place.
The drop from 07/27/23 to 10/27/23 counts best as an Elliott wave Leading Diagonal Triangle. The wave count is valid if the SPX can remain below its 07/27/23 high at 4,607.07.
MACD is overbought and RSI is nearly overbought. In panic spikes its common for momentum oscillators to register a price extreme without a divergence.
If the SPX can remain below 4,607.07 for the remainder of November a very important top could be in place.
