“Ditch the Diamond” SPX Update - After further reflection, I simply don’t like the look of the left side of the Summer ‘23 Diamond, so I’m ditching the pattern as a valid read. Instead, I’ve settled on a straightforward symmetrical triangle formed from the late July highs, as seen below. The index has broken DOWN from the pattern, and has a reversal target in place, of 4198.
As seen this May in TSLA, when bullish winds prevail, breakdowns out of symmetrical triangles often reverse after visiting only half way to the reversal target. That knowledge allowed me to correctly call the bottom in TSLA here Message 34320233, which made my year. If the SPX proceeds to mirror that reversal, we should be expecting a slide to4333 minimum,THEN THE REVERSAL HIGHER!!Ditch the diamond… and see the cashier!!
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