[SPX] May S/R Holding Nice B)... Trying My Hand at Wave Theory!

SPCFD:SPX   S&P 500 Index
I stumbled across this old chart and realized the lines I drew held up very nicely on the 4H still!

I only posted it as a 1W back in May:

Not a wave theory guy, barely know anything beside the basic pattern but it seems to hold up nice here over past 9 months!

This is partly why I think the 2600 (which comes up in a lot of strategies) is a false support and already 2750 seems quite weak so my target is still 2400 for this next local bottom. But Wave theory seems to point to 2600. Will be interesting to see it play out and see what strategies come out lookin the best!

Decent chance we hang or even bounce at 2600 too though. I still lean towards blowing through 2750 on the next crash.

Happy harvests!


Nice job! It definitely holds up, and makes me feel more confident counting out the next 5 waves as well. I think, like you, that wave 3 will play out early next week. I'm not a wave trader either (the counts bugged me in the past) but it's helping paint the picture. Wave theory, harmonics, fractals, fundamentals, TA, and your data science findings all seem to point to imminent down! Thanks for posting this count.
+1 Reply
ProfitHarvest Money2020_ET
@Money2020_ET, It's amazing the picture data can paint!

That's exactly it, I have confirms from across the spectrum and that has beefed up greatly the last two days with lots of SPX short ideas comin outta the woodwork.

The world is finally awakening to the trouble that lay ahead for the economy!

This week was truly the calm before the storm.
Apple closing some stores with surging cases. Wonder if others will follow. Could be a catalyst.
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@SunnyG18, Thanks for the tip! Absolutely that is bearish as hell for the market and may even be just the catalyst we're looking for of the dozens of potentials haha.
That TRIN tho
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@svansi1, My other ideas are getting jealous!
aaaaaand I was just reminded why I hate elliot wave counts sometimes. It all depends on where you place your x/o.
Money2020_ET Money2020_ET
I like yours better. His 2nd wave is a single bar below his 1, in order to justify his count. Doesn't look right to me.
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