S&P500 hit important support: all roads lead to SPX 2072?

The decline off the SPX 2122 high (b-wave top) made last week (c-wave) has so far been very nice to count as 5 waves down, with sub-dividing 3rd and 5th waves, with and ideal target of SPX 2075-2072. That’s also the 62% retrace of the move from 2039 to 2135, and the 138.2% extension of a c-wave down: wave-a: 2135-2099, wave-b: 2122, wave-c: 2122 – 1.382x (36) = 2072. BINGO!? In addition, there’s confluence with the 2072 level at the possible lower trendline (yellow), the 150d SMA, the daily S1, and the green lower parallel trend line (Orange circle). Last but not least, the blue arrows in the chart show the Bradley turn dates (see here), and how well they’ve corresponded to market lows and highs this year so far. Yesterday was another turn date, but one should give them +/- 2-3 trading days of lee-way. Hence, there are 6 different important aspects for the SPX 2072 level. spx


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