The SPX from the bottom made at 2728 appears to have completed a series of Elliott wave One's and Two's up. The second wave "i - boxed", counts best as a Leading Diagonal Triangle.
Note the Oversold conditions on the hourly RSI, MACD, and Stochastics. If the wave count is correct the SPX is in the early phase of a third of a third up, this is usually the strongest and most dynamic Elliott wave and is what would be needed to break above potentially powerful Fib resistance at SPX 3047. This is calculated by taking the length of the SPX 2007 to 2009 bear market 909.30 x 2.618 = 2380.50 + 666.80 March 2009 bottom = 3047.30.
The potential SPX third of a third up ties in with what looks like a forming post triangle thrust on the DJT - please see my recent DJT post.
Russell 2000 (RUT) also appears to be in a post triangle thrust up. A surge in small cap stocks is typical of late stage bull markets.
Be careful shorting. Remember its easy to catch a top in bull markets - because there are so many of them.
Mark
Note the Oversold conditions on the hourly RSI, MACD, and Stochastics. If the wave count is correct the SPX is in the early phase of a third of a third up, this is usually the strongest and most dynamic Elliott wave and is what would be needed to break above potentially powerful Fib resistance at SPX 3047. This is calculated by taking the length of the SPX 2007 to 2009 bear market 909.30 x 2.618 = 2380.50 + 666.80 March 2009 bottom = 3047.30.
The potential SPX third of a third up ties in with what looks like a forming post triangle thrust on the DJT - please see my recent DJT post.
Russell 2000 (RUT) also appears to be in a post triangle thrust up. A surge in small cap stocks is typical of late stage bull markets.
Be careful shorting. Remember its easy to catch a top in bull markets - because there are so many of them.
Mark