markrivest
Short

SPX Could Reach 2544 by Early November 2019

TVC:SPX   S&P 500 Index
My most reliable momentum indicator for the SPX - The Bullish Percent Index has collapsed; it is far below where it was just a few months ago while SPX price is still hovering near 3000. This is very similar to what the SPX did in the first part of 2015. By July 2015 the SPX was only a small amount below its high made in May - meanwhile the Bullish Percent Index collapsed. The result - a mini crash.

The best Elliott wave count for the rally from December 2018 to July 2019 is wave "one" of a developing Ending Diagonal Triangle. This structure usually has a deep wave two retracement beyond .618. In 2015 there was a Fibonacci extension below an important correction made in December 2014 that targeted the mini crash bottom.

The same phenomenon could be happening in 2019.

All time SPX high 3028 - 2728.80 June bottom = 299.20 x .618 = 184.90.

2728.80 - 184.90 = 2543.90 Bulls Eye target bottom late October to early November.

Mark

Comments

It could...but I would like to see failure at keys areas confirmed first. Right now we’ve gained some key levels and haven’t had any significant price level/trend start failures to lead me to believe we’re headed to 2544. I think new highs before we take out lower pivots.
+2 Reply
telephoton cghursh
@cghursh, I dunno, looks like it's topping out pretty well/trading sideways. Could move slightly outside and barely reach new highs but I don't think it's likely. Volatility still high, uncertainty increasing regarding recession and trade deal
Reply
If the US-China trade war is ending (or, at least paused), what's the next?
+1 Reply
@zhilin,
Hi

I'm sure analysts that use fundamentals to forecast the stock market will have plenty of reasons for the market reaction - after its too late to take action.

Mark
Reply
"SPX Could Reach 2544 by Early November 2019".....this will not happen !!!!
Reply
artizan777 artizan777
markrivest
,and you yourself know it better than me !!!
Reply
Hi Mark,
Is S5TH the bullish percent index you were talking about?
Reply
markrivest mappycarol
@mappycarol,

No, I will send you a private message as to where this indicator can be found.

Mark
Reply
Mausty markrivest
@markrivest, Hi big fan! Could i get the info on the indicator as well?
Reply
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