So far we have been following roadmap on SPX with mkts topping out at 1810-1815 and as we hit 1814 markets gone down.
This week I were expecting a bounce back to 1800-1810 before we go down again , and on Friday markets gapped up on job numbers.
If i’m right in what i’m seeing we are forming a topping pattern – so i’m expecting another flush down in markets to next level 1740-1750 in the short term. We should see a -10% correction from current levels.
Conclusion: Currently I think we are forming a top pattern , if we break above 1814 then likely we are going to 1820-1830 next,, but as I see a topping pattern I think the next level will be 1740-1750 to the downside so this correction should have started now. I’m thinking we could see the support down to 1600-1650 before we end this correction near the larger trendline on the yearly chart.
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