Quote:
Originally Posted by Rex Phinney
Is there anything you see that supports a short term bounce? 7-8% up before another leg lower seems to be the pattern right now.
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7-8% up from here is like 4100.
No way. This thing is hitting 3525 on this current leg down.
Check it out...first leg down went from ~ 4800 to ~ 4100 = 700pts
bounced about 530pts
2nd leg down went from ~ 4630 to ~ 3810 = 820pts
bounced about 400pts
3rd leg down (where we are now) should go from ~ 4200 to 3525 = 675pts
The 3525 mark is heavy duty support and represents a 50% retracement of the run from 2250 in 2018 to 4800 in Jan 2022
I'm ignoring the COVID bottom of 2100 because it was a black swan event.
By the way, I am looking at a daily chart of S&P e-Mini futures...but they're all relatively the same when it comes to the S&P.
