WallStScalper

SP EW-counts and targets!

SP:SPX   The S&P 500 Index
753 10 6
NEW counts added in comment area !!!
Many are going bearish , but we have just been in a very extended move up lately. No serious MA have been broken and many indicators showing possible bounce up today CCI RSI .. NYMO too. So i'm looking for a bounce today - a minimum 50 to 61,8 fibretrace... 1668 to 1672.
Well done!
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it ain't over yet. 1-2-3-4-5 is followed by A-B-C impulse and another 1-2-3-4-5 downward move.
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Thank you admin! :D
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oh, you said June 7th... I actually looked for something next week... I'll check again.
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http://www.fxstreet.com/fundamental/economic-calendar/
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QuantitativeExhaustion QuantitativeExhaustion
Other big calendar events

Tuesday May 28th 14:00 US USD Consumer Confidence (May) / Economist are expecting a big jump..
much higher market impact than normal according to the OlsenScale

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@JR what would be the event to trigger another selloff? I agree with your chart more from hormonic pattern standpoint, but would look for some trigger to break the uptrend.
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snapshot


US NFP - Unemployment Rate
June 7th
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Didn't quit get the right pivots yesterday - so an update to the wave counts:

SPX's low at 1635 was the 50% retrace of the move up from 1581 to 1687.

My primary count:
Wave (4) of minor 5 of major C is completed at 1635. Wave (5) is now underway with a 1694 target, but could extend as fare as 1744.
The count is valid (1) of minor 5 high of 1597.

My alternate count is that minute (1) of minor 1 down is complete today at 1635. Wave (2) of minor 1 should then be a 50%-62% retrace up to 1661-1667 before wave (3) drops below 1597 The minor 1 end-target is now at 1576.
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