A .618 retrace of the decline from 2301.00 = 2288.00
Wave (c) will be 1.618 x wave (a) = 2290.00
If SPX can rally into this zone it could be very important resistance.
Thanks for the info.
If all this happens, after 2313/7 there should be a correction back to 2280, which might go lower.
I'm still expecting a rising wedge to 2313/7 to be achieved on Feb 10/12. The first part of the wedge was 2254 - 2301. Now in wave 'c'. The rise to 2288 was likely the first part of wave 'c', now expecting some consolidation for a day or two followed by a rise to a new high to complete wave 'c' of the abcde wedge. Target area is 2306/8.
Unfortunately the 'stop' for this idea is a trade below the FLAT low of 2254. Only if that low is broken will I change my mind.
Thanks for the comments. Interesting, I have a possible SPX bottom target on 2/10 or 2/13. Depending on what happens in the next two trading days I will have a post about this possibility.
right into KNOWN RESISTANCE specified.
Excellent market call here.
Whether or not we retrace this decline, or not today,
this was an EXCELLENT INTERPRETATION of a COUNTER TREND RALLY,
that rolled over almost immediately with heavy professional selling coming into the market
after the public had bought stock the the pro's were DISTRIBUTING (SELLING) at the open.
Double Bottom S_+P 2267 looms large as support.