iamthewolf

Elliott Wave: Week of 3/26/18 - Where do we go now? (GnR)

SPCFD:SPX   S&P 500 Index
Where do we go?
Oh, (sweet child)
Where do we go now?

If Guns N' Roses can't get you going for what's ahead, then I'm not sure what will. I've even added a butterfly pattern for the Sweet Child that's following.

Finally time to resolve direction. Expectation is a hold of support (3 layers shown) followed by new "ATH." However, significant danger of further decline is present with a confluence of support before that happens. However, if support fails, then risk of further decline dictates position adjustment.

Strangely, if support holds and new "ATH" happens, then risk of larger decline will follow. Likewise, if support fails and further decline continues, then a more bullish profile emerges afterwards. Only 1 will happen, so future published charts will follow whatever path.

I added the "Bearish" Butterfly this week as a guide for how wave 4 may resolve. Other oscillators indicate favorable support with their depth, along with other technical tools I use (not shown, A/D ratio and Put/Call ratio ).

She's got eyes of the bluest skies
As if they thought of rain
I hate to look into those eyes
And see an ounce of pain
Her hair reminds me of a warm safe place
Where as a child I'd hide
And pray for the thunder
And the rain
To quietly pass me by

Oh, oh, oh
Sweet child o' mine....
Descending triangle ?
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iamthewolf ethhunter
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