I think bull will stay for a while,
SPX 20 most cheap stockprice PE´s are now 4. Lot of forthcoming damage is priced allready. Obviously there were overvalued for this cycle turn and selling was more than earned for current way too optimistic economy view
Where-ever it is going to be corrective only or new impulse wave, each of them should have some legs & size.
Do not be surprized if many bearish counts will die by the end of the year and SPX makes new high as fifth wave. There starts to be place for new surprize again.
With 50% and 61.8% all the great risks of cource will be offered, when it comes to possible for EW to place W2 or B wave for upside, we plunge and hard but before we are there at least once, that´s going to take serious of time or at least for my bear equity I have where I am hunting corrective letters.
I assume approximatelly 4-6 week upside reaction is on the air.
DAX took five down while SPX did only 3. If there is one more impulse wave to become to the downside as fifth anymore I assume 1000-1090 is area for that.
I don´t think this cannot be seen so well from the central proxyindex like SPX the way how it it shows with stocks.
SPX looks flat now which makes it difficult to prognose and it might also stay as flat (sideways trading for much longer if needed) or it has started ABC upside correction to make IV wave or the entire correction is allmost behind of us or A wave is placed to correct B up or then as the last option, this is IV correction.
Based for Individual equity charts and many of them (daily charts), they are building the bottom for my eyes and reset the counter & countertrend turn is building power with this bottom consolidation work.
I am at the buy side with most hammered equities I find as mentioned 3 days ago and particulary it did concern this event. I see bigger risk for upside as for downside to put it another way in here.
Trading is different issue.
