Weekly Update :: Final Thrust
Updated
SPX continues its upward impulse seeking liquidity. Major catalysts this week include FOMC Meeting minutes and GDP. OPEX this week as well could serve to trap in bulls/bears alike.
Personally, I look for topping/buyer exhaustion with these targets:
T1: 4298 - ABC Structure target of 1.78/0.618 fib retracement of larger move
T2: 4360 blowoff top, wave 5 extension by fib extension (Wave 1-3)
Afterwards, it's likely to see attempts to retake the highs before sellers step in for a cooldown. Likely by end of August/Early September.
Personally, I look for topping/buyer exhaustion with these targets:
T1: 4298 - ABC Structure target of 1.78/0.618 fib retracement of larger move
T2: 4360 blowoff top, wave 5 extension by fib extension (Wave 1-3)
Afterwards, it's likely to see attempts to retake the highs before sellers step in for a cooldown. Likely by end of August/Early September.
Trade active
Short
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