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SPX - a perfect textbook LONG setup
This is how a perfect textbook LONG pattern should look like.
Ingredient 1. You have a strong rally in wave ( iii ) up ( topped at 2,954.13 on 1 May 2019.
Ingredient 2. Off the top you have (a)-(b)-(c) down structure in wave ( iv ) down.
Ingredient 3. wave ( iv ) down retraces 44.1% of a rally in wave ( iii ) up.
Ingredient 4. Wave ( c ) of ( iv ) = 100%, 123.6%, 114.6% or 105.4% of subwave ( c ) of ( iv ).
In this case it is 105.4%.
Cut this out and post it on the wall. You can feed your family from this setup. Only this one. Because that is the most reliable setup I know.
We have a LONG setup for a rally in wave ( a ) of ( v) that should target 2,900 – 2,950 in wave ( a) of ( v ).