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SPX HAS COME OUT OF CHANNEL ZONE

SP:SPX   S&P 500 Index
32 0 2
SPX             HAS COME OUT OF CHANNEL ZONE

MORE DETAILS ON https://amgonifty.wordpress.com/2016/04/29/sp-500-eod-28042016-update/
Comment: SP 500 EOD 29/04/2016:

SEE DETAILED REPORT AT: https://amgonifty.wordpress.com/2016/04/30/sp-500-eod-29042016/

1st Case:

On the trading day of 29/04/2016 SP 500 shown bearish trend as per expectation & retraced exactly till 2052 which 200% fibo level of our grid marked on the charts which also coincides with 161% fall of wave 3. As per Elliott wave 161% fall can be normal or extended.

I am assuming here wave 2 retraced 61% of wave 1 & so I am assuming wave 4 will retrace 38% as wave alteration rule so which is already retrace 38% placed at 2070. So if it is 5 wave structure then fall should resume.


So if this proves out to be 5 wave impulsive structure then we can expect another fall as a wave 5 till levels of 38%(2046), 61% (2033), 71%(2027) & 100% (2010).

2nd Case:

Again 2nd possibility is that it will be 3 wave structure. Then it is likely that total fall from 2111 to 2052, will be retraced 61% to 88.7%. Level are shown on the chart 2088 to 2104.

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