markrivest
Short

SPX Ending Diagonal Triangle Complete. Downside target 2605.

SP:SPX   S&P 500 Index
My last post had a target zone of SPX             2675 to 2678 for completion of an Elliott wave Ending Diagonal Triangle ( EDT             )
The SPX             high on 12/15/17 was in the 2679 area just marginally above the target zone.
This high was quickly followed by a rapid decline in the last half hour of trading on 12/15/17.
This rapid drop following an expected throw over of the upper trend line - typical at the completion of an EDT             ,
strongly implies the upside pattern is complete.

After an EDT             is complete, there is usually a very rapid retrace back to the EDT             point of origin - which in this case is SPX             2605.
The down side target could be reached as soon as 12/21 or 12/22.

Big US tax bill vote is expected 12/19 or 12/20.
As of 12/15 it is strongly believed that there are enough votes to pass the bill.

Mark



Mark, I think we tag 2702 area first then we see a drop to 2602 area before the end of the month
Reply
I wrote a post (12/14) about this same possibility... a return to S+P 2605, should 2652 ....be broken to the downside
.
The chart included in this article text by Mr. Rivest shows complete clarity of such an event happening,... before the end of the year.


It would certainly be a rapid style event, and the break would be a sudden waterfall like move to the downside.

A move up to S+P 2690 in 12/18 trading .....would be just the perfect final push needed to the top,... before the decline event begins.

Thank you Mr. Rivest for this remarkably illuminating post.


THE_UNWIND


+1 Reply
Futures looking to open higher
Reply
Hmm could be looking for a gap up to 2690 first
+1 Reply
Teich50 SwingDow30
@SwingDow30, Agreed. The best the bears can hope for is a gap-and-crap during the cash session on Dec 18.
Reply
Teich50 Teich50
@Teich50, No gap and crap so far. The best the bears can hope for is that today's gap in SPX is an exhaustion gap. We will see after a few more sessions.
Reply
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