Quick Update - Market Analysis for Oct 31st, 2024

The SPX is now testing the bottom of our support box.  And, the structure has clearly been quite complex these last few weeks.  But, we are now at our major support region.

Therefore, those that are a bit more aggressive would be looking to buy this region with clear stops in place, of course, You can use the 5700SPX region (just below the .,764 retracement), or you can use the 5673SPX invalidation point.  A buy in this region would have an estimated risk/reward ratio of 1:6 or 1:7 depending on where you would cash in for the wave 3 target, which is 6153-6235SPX.

Those more conservative, like me, will be waiting for a solid i-ii further set up, with a buy on the wave ii pullback and a stop at the low of wave (2). 

I will post a more full update later.  But, I just wanted to outline the opportunities.

And, again, a break of 5674SPX would invalidate this upside potential.