markrivest
Long

Progress of SPX Minor Wave 5 update 5-17-17

TVC:SPX   S&P 500 Index
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Today 5/17/17 US stocks had a big decline on political news, but the real news is that the SPX bottomed very close to two Fibonacci coordinates.
It appears the SPX has completed Minute wave "ii" of Minor wave 5 in the form of an Elliott wave Expanding Flat.
Momentum evidence backs up this count as both 15 minute RSI and MACD have significant bullish divergences at the low of the day.

There is a high probability 5/18/17 will be an up day for the SPX with the low of the day most likely soon after the open of the SPX at 9:30 AM - ET

Target for Minor Wave 5 remains SPX 2450-2460 probably in late May or early June.
Please see my prior SPX posts regarding Minor wave 5 calculations.

Mark
S+P 500 opened above 2370 on 5/19 ,Major Trend Line Weekly Support on the Daily Close Only/Weekly Bar Chart,
to finish the week at 2381.73
5/19 rally kept the trend of the S+P 500 in a Bullish Mode Weekly Close.

As to what is becoming normal, Mr. Rivest saw thru all the technical damage , and mini panic sentiment, as measured by the $VIX
as an opportunity to BUY, and with it came a 25 handle gain from 2355.84 Cl. on 5/17

All the more reason to continue to check back when Mr. Rivest writes a new market analysis, with insight you will not find anywhere else.


The_Unwind



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markrivest The_Unwind
Hi @The_Unwind,


Thanks for the compliment.

Mark
Reply
Excellent work as always Mark. I am always learning from you. Thanks for sharing!
Reply
markrivest SharkbaitAl
Hi @SharkbaitAl,

Thanks, glad I can help.

Mark
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Contrary Opinion

The sharp break decline in the S+P on 5/17, coming just one day after historic all time high of S+P 2405.77,
is SERIOUS and needs to be respected for the technical damage that has just occurred.

S+P major uptrend line support at 2370 was violated on 5/17, leaving the price area of S+P 2405-2370 now as a BULL TRAP,
which is extremely BEARISH. A break below 2337.50 on a closing basis on Friday 5/19 would open up price to a move down to S+P 2260

On Balance Volume peaked in the S+P in March 2017, and the move to new highs was completely unconfirmed by BIG money.

The trade here is SHORT, with real potential downside risk down to S+P 2083.79, the 11/4/16 prior to Trump's election.


The_Unwind

Reply
markrivest The_Unwind
Hi @The_Unwind,

Thanks for the information.

Mark
Reply
Meets my results perfectly! Leg (c) has clearly an "Impulsive"-pattern ("Extension3")!
Reply
Hi @wolfah,

Thanks for the info.

Mark
Reply
Is there a strong resistant around 2400? It seems SPX is forming a "double head" pattern around 2400
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