The SPX cash index hit a low of 666.79 on March 6th, 2009 and put in a recent high of 5669.67 on July 16th, 2024. Both have triple SIX's in them and both marked important turning points. When you add the bearish weekly chart (and monthly), plus the bearish period that is common in the fall months like September and October, you have some strong "clues" to suggest the top is "in" and that the rally coming soon will most likely fail to put in a higher high.
I think that rally will be next week into the end of the week as I suspect we'll get some kind of boost in the market after the Fed's cut the rates at the September 18th FOMC, so by Friday the 20th I think the rally will be over with. This week I expect more weakness as we go a little lower to finish this leg down, which might be finished by this Thursday. Then one last rally up into late next week for a lower high before the market falls off a cliff and possibly crashes into October.
We could see some kind of "event" on Sunday the 22nd, or early that week that will cause the crash and the internet to shutdown for awhile. Call it a False Flag event to delay the election I guess, but it's more likely to be a dollar collapse event that's finally taking hold after the BRIC's nation stopped using the dollar as the reserve currency, which was last year. But it didn't cause an immediate reaction on the day it occurs as the Fed just kept printing money, but I think it's coming to a head now and we are close to seeing a collapse in our system to where the value of the dollar could be cut by a third in some overnight instance.
This happened before when the government revalued the $20 gold piece overnight. It was Executive Order 6102 is an executive order signed on April 5, 1933, by US President Franklin D. Roosevelt "forbidding the hoarding of gold coin, gold bullion, and gold certificates within the continental United States." The executive order was made under the authority of the Trading with the Enemy Act of 1917, as amended by the Emergency Banking Act in March 1933. This could happen again and the time for it would be the week of September 23rd, 2024.
While I don't know if that's the "event" or not there are some others out there that seem to think it's coming and that our internet could be shutdown that week while this occurs. Maybe it does, maybe it doesn't, but techincals will be super bearish if we rally into Friday the 20th and put in a lower high. We could see a wave 3 of C down on a bigger scale that could easily turn into a crash like event. Let's look at a possible wave count on my Alternative Chart...
As you can see we could be in wave 1 of C down currently and wave 2 of C will happen into Friday the 20th, which sets up wave 3 of C down to start the week of September 23rd. If the drop really s gets going we could see 1000+ points is a short period of time. That's "if" it's a dollar event like I discussed, or some other unknown crisis. If no event happens then it might scary but nothing too crazy on the downside, like to 4800 or something. We've had a slow decline in 2022, so we are overdue for another fast one like January 2018 or even the 2020 crash. It will likely drag out into October regardless of how deep the first move is, and by the time we bottom it could be a lot lower then most will believe.
Have a blessed day.
