Technical analysis by Cousin_Fat_Fat about Symbol SPYX: Sell recommendation (8/20/2023)

SPX Overall ABC Corrective Pattern = Zig-Zag Wave A: Leading Expanding Diagonal *Important* Wave B: Zig-Zag Wave C: 5 Waves down In my opinion, if you don't have the initial downtrend from January '22 - October '22 labeled as a leading expanding diagonal, you are going to miss a lot of context for the rest of the correction. (See Screenshots below for explanation from pg 40 of Elliot Wave Principle) Leading Expanding Diagonals are either five sets of 3-wave sequences, or a less typical formation of 5-3-5-3-5 overlapping waves that extend outward in an expanding diagonal formation. I believe Jan '22 to Oct '22 was the less typical 5-3-5-3-5 variety. Leading Expanding Diagonals are typically followed by deep retracements. To support this, Wave B was a bear market rally that extended to the deepest retracement level that maintains zig-zag structure (0.854) Now I believe, we are finally entering Wave C to complete the Zig-Zag. Wave C typically extends 61.8%, 100%, or 123.6% of Wave A (Can go further but typically not past 161.8%) Sticking with a 100% A:C extension as a baseline; I'm expecting Wave C to get down around 3200. This conveniently lines up a few points above the .618 retracement level measured from the Covid Low to Jan '22 ATH. SHORT IT. Screenshots Below. Fat_FatLeading Expanding Diagonal - Pg 40 - Elliot Wave Principle85.4% Retracement - Wave BWave A = Leading Expanding Diagonal (5-3-5-3-5)If Wave B top is maintained, Forks, Fibs, & Waves point to an August/September 2024 finale at 3200 SPX