Could we see SPX 1820s? Fib confluence suggests so. But remember, 5th of 5th waves can be weak.

The chart shows a nice fib confluence at the primary (blue, 1.077x P-I), major (yellow, 1.618x M-1), and intermediate level (red, 0.764x Int. i) at the 1825 +/- 5 area. Does it mean the market will get there? No it doesn’t, 5th of 5th waves can be weak and only do 0.5 or 0.618x or even less. So keep a finger on the sell button if you are long is my recommendation. Note that I’ve also adjusted my count. GL!!

spx 11092013 new count

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4 thoughts on “Could we see SPX 1820s? Fib confluence suggests so. But remember, 5th of 5th waves can be weak.

  1. I believe Wed. is a BIG POMO day…since your chart from 11/8, we could have completed Intermediate 4 ( Red (4) ) and formed Minor 1 & 2 of Intermediate 5?

    I’d love to see a punch thru 1800…

    • Hey Tom, That’s my preferred count for now too. Seeing + div on the hourly RSI-5, which is in OS territory, and the retrace from 1775 looks abc-y too IMHO

      I am on the road for the next 3 days, so will only check the markets in the afternoon.

      GL!!

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