The market picked a direction and it's DOWN like the cycles suggested it should be. It's been super tough to trade as it's been in a choppy range for a month where every drop got bought up, but that 7400 zone of support finally broke yesterday and everything points to the market being in a wave 3 of C down now. It's looking likely now that the August 4th turn date will be the bottom, and I'm still looking for a pierce of the 7000 ES level where we hit the 692 FP on the SPY. Below is the wave count.
Short term (today or tomorrow) there's an upside afterhours FP on the SPY of 737.28, and it should be the bounce high before another drop lower. Best guess is that it hits today, but it might not hit until tomorrow? That FP in below (screenshot taken Wednesday night).
Lastly is the chart I posted on X on Tuesday, which I'm posting again below. It's obvious now that we are on the bearish path and should bottom next week around the 4th, and the 13th and 21st dates should put in higher lows. This assumes we hit the 692 FP into the 4th period, and I think we will. But if we don't then the 13th would be the next date when it should hit.
Have a great weekend.
