Trade Alert: S&P 500 - Setting Up For Downside

March 15, 2019

New York (March 15)  Since SPX failed to break support and has continued to grind up on weakening technicals, we are now looking for completion of all of the B-wave into the 2,867–2,877 region. The shallow B-wave, as shown on the daily S&P Emini chart below, shows the 1.0 extension at 2,877 where the overall .886 retrace fib has confluence in the 2,866 region. This was the region suggested as the Alt. B target in my article on February 14, 2019, and nothing has changed this perspective.

This will then leave two possibilities on the table, both that resolve down, as follows:

1.An ABC pull back into the 2,516–2,438 region, which will be a wave 2 against the entire move up off the Christmas low, which will result in taking out the all-time high; or

2.A fast and furious C-wave down to the 2,357–2,187 region to complete all of Primary Degree wave 4, before then heading to new all-time highs.


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