Setting target with the Golden Ratio for SPX

[alpbeta]

I am new to this forum, this is my very first post, hope yall enjoy!

Here is what i think is the market is positioning...

 

[rathcoole_exile]

ah, i see, so what you're really trying to say is that previous Resistance will become Support ?

 

[alpbeta]

thx for the reply!
actually, i created these chart a week ago, so the data is a bit behind 😉
to your question, not really, b/c this is all about using elliott wave and the golden ratio (0.618) to project the downside target. there is nothing to do with support/resistance.
to me, price extreme and price motion is more important than support/resistance.
though, according to EW, wave 4 correction never overlapped wave 1's territory, which is 1220.
so it is reasonable that wave 1's top will be the support, or this whole idea fail. 👎

ah, i see, so what you're really trying to say is that previous Resistance will become Support ?

 

[rathcoole_exile]

sorry, i was being a bit naughty and sarcastic, 'cos I just look at a chart without any of that stuff you mentioned, and just see the obvious.
but if it works for you, more power to you .....