markrivest
Short

Developing SPX Bearish Horizontal Triangle

SP:SPX   The S&P 500 Index
81 0 2
My last post "Updated SPX             Shorting Targets" noted upside targets in the SPX             2153 and 2163 areas. While these targets are still valid there could be another course the SPX             is taking. The SPX             from the top made on 9/30/16 could be forming an Elliott nine wave Horizontal Triangle. If the count I have illustrated in this post is correct, then the top made on 10/21/16 will hold and wave "H" down is underway followed by wave "I" up which would terminate below the "G" wave top made on 10/21/16. I suspect that waves "H" and "I" could be completed on 10/24/16.
The conclusion of the nine wave Horizontal Triangle will result in a powerful downside thrust.

Mark

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