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Non-Tech : Kirk's Market Thoughts
COHR 156.69-0.8%3:59 PM EST
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From: #Breeze8/28/2024 2:42:18 PM
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Augustus Gloop
Kirk ©
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VikingWarrior

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Kirk, my sense is that the SPX is due for a pullback. Below are two scenarios that could play out.

Chart #1 is the primary wave count. In this count Intermediate Wave (1) is complete and Intermediate Wave (2) is in play which typically retraces to the 61.8% level.

Chart #2 is the alternate wave count. In this count Primary Wave (circle) 4 did not complete but has unfolded as a WXY correction.

Bottom line a pullback is likely. How severe? Don't know. But if this big picture wave count is correct, no crash as some have speculated.

Chart #1


Chart #2
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