S&P500 - Elliot Wave

SP:SPX   S&P 500 Index
63 0 0
I’m leaning towards one more push up to the 1950-80 area to finish wave 4. This is based on the assumption that if wave 4c = 4a = +96 it will lead to a target for 4c of 1872+96 = 1968. During September 2015, the S&P500             formed a similar wave 4 pattern and at that time, wave c (+117) was smaller than wave a (+126), i.e. c was 90% of a. If this is repeated, then the target becomes 1872+86=1958.

There’s resistance @ 1955 and 1980 so that could be the area where wave 4 will top and wave 5 down will start.

The Swing Alert is on a BUY signal since JAN 22 @ 1899 (E-mini) and currently shows no weakness.

Click on the link for the full update including the target of the ascending triangle , fibonacci key levels and our cyclical model.

Enjoy the day!
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