Because of the many alternate Elliott wave counts, the SPX has been difficult to analyze. The SPX picture is clearing up. The best Elliott count indicates the SPX could be in the later part of an impulse wave that began in early May.
The strongest clue that the SPX bull market could continue to make new all-time highs comes from the September 7 - 21 rally. I've examined the SPX down to the 5- minute bar level and there is a very high probability that the SPX 9/7/18 to 9/21/18 rally into the all-time high was NOT IMPULSIVE.
If the rally is not impulsive there are likely alternatives.
1) The rally is wave "B" of an Elliott wave - Expanding Flat.
2) The rally is wave "B" of an Elliott wave - Horizontal Triangle.
3) The rally is wave "1" of an Elliott wave - Ending Diagonal Triangle.
All of these alternate counts imply the SPX bull market is alive. I'm guessing the bears are eagerly anticipating an October crash. The bullish Elliott wave count and the lure of SPX 3000 imply that the bears could get mauled. Near term if the bottom is not already in place as of 10/5/18, it could be soon. If the SPX breaks below 2850 it would be a hint that something more bearish could be developing.
There's major Fibonacci resistance near SPX 3050, this remains my target for termination of the SPX bull market. Time target is late October to early November 2018.
Bears please be patient.
Mark
The strongest clue that the SPX bull market could continue to make new all-time highs comes from the September 7 - 21 rally. I've examined the SPX down to the 5- minute bar level and there is a very high probability that the SPX 9/7/18 to 9/21/18 rally into the all-time high was NOT IMPULSIVE.
If the rally is not impulsive there are likely alternatives.
1) The rally is wave "B" of an Elliott wave - Expanding Flat.
2) The rally is wave "B" of an Elliott wave - Horizontal Triangle.
3) The rally is wave "1" of an Elliott wave - Ending Diagonal Triangle.
All of these alternate counts imply the SPX bull market is alive. I'm guessing the bears are eagerly anticipating an October crash. The bullish Elliott wave count and the lure of SPX 3000 imply that the bears could get mauled. Near term if the bottom is not already in place as of 10/5/18, it could be soon. If the SPX breaks below 2850 it would be a hint that something more bearish could be developing.
There's major Fibonacci resistance near SPX 3050, this remains my target for termination of the SPX bull market. Time target is late October to early November 2018.
Bears please be patient.
Mark