Let us suppose that we get a very sharp decline in this last week before Q2 opex. Let's say we make it all the way down to channel support at 2320 SPX, a long ways. Many will think, with good reason, that this is it, holy fuck, doom is here.
But it could be a 5th wave broadening-top megaphone, which means that this move will reverse sharply once it reaches that support, and that it will immediately rocket right back up to new highs!
Something like this. It is real possibility, and dangerous enough that it will probably waste a few speculators. Be careful out there.
|S&P broadening top megaphone 5th wave scenario|