The SPX for the last few months appears to have been in the most dynamic portion of an Elliott- five wave motive pattern.
This is referred to in bull markets as a "Third of a Third Up. This pattern has a very steady move up and the corrections are very shallow.
It is also where regardless of time scale where the RSI will achieve its maximum point.
As of 1/12/18 the SPX daily, weekly, and monthly RSI are at their highest points since the bull market began in March 2009.
The wave count in this post implies the SPX could rise for several months and ties in with my RSI analysis
illustrated in my 1/7/18 post "High Monthly SPX - RSI is Bullish.
Very short term Minuette wave (V) OF Minute wave "III - boxed" appears incomplete.
After completion there will probably be series of "Four's and Fives" to complement the series of "One's and Two's" from the beginning of the early part of the wave structure
from February 2016 to November 2016.
For non -Elliotticians this means a rising and choppy pattern into a significant top.
Corrections will probably be limited to 3-5%.
Mark
This is referred to in bull markets as a "Third of a Third Up. This pattern has a very steady move up and the corrections are very shallow.
It is also where regardless of time scale where the RSI will achieve its maximum point.
As of 1/12/18 the SPX daily, weekly, and monthly RSI are at their highest points since the bull market began in March 2009.
The wave count in this post implies the SPX could rise for several months and ties in with my RSI analysis
illustrated in my 1/7/18 post "High Monthly SPX - RSI is Bullish.
Very short term Minuette wave (V) OF Minute wave "III - boxed" appears incomplete.
After completion there will probably be series of "Four's and Fives" to complement the series of "One's and Two's" from the beginning of the early part of the wave structure
from February 2016 to November 2016.
For non -Elliotticians this means a rising and choppy pattern into a significant top.
Corrections will probably be limited to 3-5%.
Mark