It appears that the SPX on 9/8/17 completed an Elliott wave Horizontal Triangle that began on 6/19/17. Wave 'e' of the Horizontal Triangle was itself a smaller Horizontal Triangle, this makes the entire structure since 6/19/17 as a Nine wave triangle. ** See page 50 of the "Elliott Wave Principle"
Note closely the impulse wave forming from the 9/8/17 low at 2460. It appears waves 1 through 4 are complete, if so wave 5 up could be complete in the first hour of SPX trading on 9/12/17.
Target price zone is SPX 2490.00 to 2493.90
Watch the other two main US stock indices DJIA and IXIC to see if they can make new all-time highs on 9/12/17 If the SPX makes a new all-time high unconfirmed by the DJIA and IXIC it could be a powerful sell signal.
MR. RIVEST PRESENTS A VERY CONVINCING TEXTBOOK Elliot Wave Analysis for yet Another TOP in the S+P.
His investment Advice over the 3 Years has been Brilliant, ...especially at Major Market Turns, and is MUST READING !
Yet I think it's very important to consider price ,one of four market dimensions that Mr.Rivest uses for his Market Analysis
for some additional insight.
S+P 2460 HELD as KEY SUPPORT W/E 9-8.
S+P 2460 MUST BE BROKEN to the Downside on a Closing Basis, preferably twice, BEFORE THE TREND in the S+P TURNS BEARISH<
S+P LOW 2446.55 was as far as the BEARS could bring down price W/E 9-8, and establishes KEY SUPPORT below 2460.
9/11 /17 Rally cleared the deck on the one sided bear trade that was set up W/E 9-8,
SENTIMENT largely Built on warnings of "Catastrophic" Hurricane Damage to Florida/and the Economy as a WHOLE. It Did Not Happen.
So now....Risk/Reward Consideration of S+P at 2488.10
SIMPLE 30 Day Price Quantification:
8/8/17 High of S+P 2490.87
8/21/17 Low of S+P 2417.35 Distance Between High +Low Last 30 Days Equals 73.52 Points
POTENTIAL.... UPSIDE TARGET on a MAJOR BREAKOUT Above S+P 2490.87 COULD EQUAL IN TIME Later in 2017/'2018 S+P 2564.39
Please Consider the RISK/Reward POTENTIAL ALWAYS , .... BEFORE ENTERING ANY TRADE
His investment Advice over the 3 Years has been Brilliant, ...especially at Major Market Turns, and is MUST READING !
Yet I think it's very important to consider price ,one of four market dimensions that Mr.Rivest uses for his Market Analysis
for some additional insight.
S+P 2460 HELD as KEY SUPPORT W/E 9-8.
S+P 2460 MUST BE BROKEN to the Downside on a Closing Basis, preferably twice, BEFORE THE TREND in the S+P TURNS BEARISH<
S+P LOW 2446.55 was as far as the BEARS could bring down price W/E 9-8, and establishes KEY SUPPORT below 2460.
9/11 /17 Rally cleared the deck on the one sided bear trade that was set up W/E 9-8,
SENTIMENT largely Built on warnings of "Catastrophic" Hurricane Damage to Florida/and the Economy as a WHOLE. It Did Not Happen.
So now....Risk/Reward Consideration of S+P at 2488.10
SIMPLE 30 Day Price Quantification:
8/8/17 High of S+P 2490.87
8/21/17 Low of S+P 2417.35 Distance Between High +Low Last 30 Days Equals 73.52 Points
POTENTIAL.... UPSIDE TARGET on a MAJOR BREAKOUT Above S+P 2490.87 COULD EQUAL IN TIME Later in 2017/'2018 S+P 2564.39
Please Consider the RISK/Reward POTENTIAL ALWAYS , .... BEFORE ENTERING ANY TRADE
THE_UNWIND