Small update:
Last time I published an idea on the SP500, I wrote the entire move down as an (A)(B)(C) Zigzag. But the recent last price action we had on the last leg down looked like a 5 waves move to me. This changes my idea a little bit with having the entire move down as a Leading diagonal instead. Also because of the (4th) wave coming into the price area of wave (1).
Right now, we are having a short squeeze that looks like a developing zigzag (A)(B)(C) of wave ((B)) (if the leading diagonal is wave ((A)), it could also be a wave ((1))). It should end around the begginning of august (maybe even later to the end of august).
The pullback should most probably aim towards the 61.8 to 78.6% retracement because a leading diagonal should have a deep pullback. But a 50% retracement would be enough to confirm it as over if it falls back down from it.
Last time I published an idea on the SP500, I wrote the entire move down as an (A)(B)(C) Zigzag. But the recent last price action we had on the last leg down looked like a 5 waves move to me. This changes my idea a little bit with having the entire move down as a Leading diagonal instead. Also because of the (4th) wave coming into the price area of wave (1).
Right now, we are having a short squeeze that looks like a developing zigzag (A)(B)(C) of wave ((B)) (if the leading diagonal is wave ((A)), it could also be a wave ((1))). It should end around the begginning of august (maybe even later to the end of august).
The pullback should most probably aim towards the 61.8 to 78.6% retracement because a leading diagonal should have a deep pullback. But a 50% retracement would be enough to confirm it as over if it falls back down from it.