SP500 December 6th

Just an idea but the pattern looks like we have just started the larger C wave down. Today was a smaller wave 1 drop and then it appears that we also had the beginning of wave 2 back up. If this is indeed the correct pattern then we will have a lot further to drop. I am looking at possibly dropping down to the 2015 highs. OR Dow 18,500. There is a weekly 200 MA and Monthly 50 MA at approximately the same area which coincidentally lines up with a nice end to a 3rd wave down. And I am thinking that the 3rd wave bottoms on the day of the FED meeting. But have no fear, this is not the real big one that you may have heard me and many others talk about. This will be significant, and we are due for it cyclically speaking. Actually, we are kind of late for this cycle so the drop can be swift. Big gains Short?? I am going to chance it. GL with your trades.

Comment:

4 hour chart

Now that it is pretty clear that the Fed is not going to raise rates on Decemeber 18th like they had been originally thought to be doing, I think that the drop is going to be postponed. I see us simply retesting the February lows to put an end to a 4th wave of the larger 5th wave or an even laerger 3rd wave.

1 hour chart
A little closer look shows my belief that we are about to finish the drop and then take off on or around the 18th. It is hard to say right now when the top will be but if I had to guess, I would say in the late summer or the end of 2019. It should be a pretty big drop. GL

Comment:

Whoops here is the 1 hours chart

Comment:

This is my updated idea....I think we are in the final push down.

Comment:

looking good

Comment:

4 hr chart

I don't see it pushing up much more. Maybe over Sunday night it will push up and reverse. I am guessing that Trump, through his negotiating style with China, that he will initially say no deal and that could trigger a sharp drop. As far as Elliot wave, that pattern appears complete to me. ITs as if we are just waiting for the excuse to drop. 4 Hr RSI has a bearish divergence....for now. My first target is the .382% retracement. We will have to see how the wave pattern is from there.

Comment:

Looking for Much Higher Highs Long term. Short Term looking for something like this.

Comment:

And just for fun...Have to wonder if we can stretch to the proposed neckline before any correction....to form the inverse head and shoulders pattern.

Just something to keep in mind