SPX in this down turn has steepened the retracement. Does this look like a strong pull back to 4800?
After it goes thru the VP crevice, will it see more buying at 4800?
This Volume Profile crevice is 4800-5000
The move Down thru the Crevice will likely be faster than the ascent. If it doesn't hold here then 4600 area is even stronger support at the edge of the Volume Profile node.
I would say it comes to 4600. I would prefer if it is Not long and drawn out too long.
Going even lower and then consolidation could grind until the Fed rate is accepted as the norm or it actually will go down. IMO 2-3 years.
After it goes thru the VP crevice, will it see more buying at 4800?
This Volume Profile crevice is 4800-5000
The move Down thru the Crevice will likely be faster than the ascent. If it doesn't hold here then 4600 area is even stronger support at the edge of the Volume Profile node.
I would say it comes to 4600. I would prefer if it is Not long and drawn out too long.
Going even lower and then consolidation could grind until the Fed rate is accepted as the norm or it actually will go down. IMO 2-3 years.