blacktulip
Short

Market peaked?

INDEX:SPX   S&P 500 Index
92 11 0
The left part of Elloiott wave looks complete. And a double top is forming.
No! A strict EW-rule is that the 3rd wave can never be the shortest, therefor this count is not correct...sorry!
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DuncanParker PRO WallStScalper
3 years ago
Not only that, but eWaves cannot overlap. Therefore, it's very possible we're only in the ending throws of eW3 currently. Here's a monthly view (less noise).
snapshot
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WallStScalper PRO DuncanParker
3 years ago
Yeah! I fully agree! We might have seen the end of way 3 but .... look like we need to see one more small wave lower to the 1687 pivot to complete a bullish falling wedge pattern before a bounce to 1709 for minor 2 of major EW4 down.
SPX could also move higher to 1737 in wave (5) of minor 5 of major EW3. Time will show! Safe trading! BM
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DuncanParker PRO WallStScalper
3 years ago
Yup Yep. Same page over here. I think there's still time to let the mkt prove it to us; I'm sitting on some cash and waiting it out a bit before committing anymore shorts.
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blacktulip
3 years ago
You are right. My mistake... sorry
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WallStScalper PRO blacktulip
3 years ago
No worries mate! ;)
snapshot
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Was we are witnessing is more what within harmonic patterns is called a tree drive topping pattern. See here: http://www.youtube.com/watch?v=QpdMz2P-evA
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QuantitativeExhaustion PRO WallStScalper
3 years ago
That's a new one
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WallStScalper PRO WallStScalper
3 years ago
Have used Upro instead so it's easier to see(follows the SPX +3 times:
snapshot
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QuantitativeExhaustion PRO WallStScalper
3 years ago
I have.. options a bit expensive
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WallStScalper PRO QuantitativeExhaustion
3 years ago
I'm not sure that we are done being over 1700. It does look like and ending diagonal forming right now.
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