markrivest
Long

SPX Daily Horizontal Triangle Could be Complete

SP:SPX   S&P 500 Index
Sometime within an Elliott wave Horizontal Triangle wave "d" and "e" are much smaller in proportion to waves "a", "b", and "c".
This happens frequently on an intraday scale, there's strong evidence that this may have happened with the SPX             Horizontal Triangle forming since 1/26/18.
From the 3/23/18 bottom the SPX             rallied in three waves and then declined in three waves into the 3/28/18 bottom.

The really interesting part - the SPX             bottomed again at the very important 200 day SMA and also touched the Horizontal Triangle rising lower trend line .
The bears had a chance to really push the SPX             down a lot on 3/28/18 and failed, stopping at very important support.

There's a high probability the SPX             is now in the early part of a rally that will take it to a new all-time high by May 2018.

Mark

Yes, very interesting. I was looking at exactly the same possibility earlier today. There was also a Bradley date on March 26th which was expected to be a minor low after which the market should head higher into May to a new high, as you correctly say. I have a slightly different bigger count, with this being wave iv of 3 rather than 4 of 5. If my analysis is correct, the market should print a slightly higher high in the May/June timeframe, probably in the 2880/2900 area. I would say your suggestion of a completed triangle has a high probability of being correct.
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Hi @kunsan,

Thanks for the information.

Mark
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