Yesterday’s S&P 500 (SPX) move was good enough to record a bullish price flip and the market direction is moving towards to the bullish side. Technically, the bear case is not dead but they are at the last stand with the SPX at the last Fibonacci level at 1521ish and so far it doesn’t look good for them.
If the 78.6% Fibonacci levels are broken to the upside, here are some top Elliott patterns to be aware of.
Tough market. Would like to stay bearish but yesterday’s behaviour seems too impulsive to the upside. It can’t all be short covering. (updated mid trading day)