It's my judgment we're going paint a significant top over the next week, and so I've highlighted below, in Elliott Wave terms, what will likely be the general labeling of the next leg down (i.e. THE big 5-wave move down).
Wave 3 is not shown but you can imagine what it will look like ;)
Wave 3 is not shown but you can imagine what it will look like ;)
SPX Forecast
I promptly exited one-half of my long exposure (at SPY 106.40) and am riding the other half as far as I can. Long exposure at these levels is a risky undertaking - regardless of position size.
Here is the intraday forecast:
Intraday ES Forecast
Lastly, take a look at the now-infamous $GOLD/$SILVER ratio. It's been creeping up since September 16 which is a few days prior to when the SPX topped at 1080. It's foretelling an important shift in psychology.
Gold/Silver Ratio
Gold/Silver Ratio
