SPX for week of 9/5/17: Butterfly and Bat meet Elliott Wave

SP:SPX   S&P 500 Index
Interesting setup heading into 9/5/17 for SPX . The published mid-week (8/29) Elliott Wave is still in play as wave b extended beyond target of 2465 area to 2480.38. Still expecting wave c to start soon and looked to Gartley/Bat/Butterfly charts for validation.

Using all of Wave 5 from the mid-week update as "X - A" a Butterfly (Red) is traced to project possible wave c movement. Within the Butterfly the down leg (A - B) is used to start a separate Bearish Bat pattern (yellow) having a more rapid time frame.

Looking at eventual convergence of all three in 2410-2415 area in September.

Trade active: Exercising caution in event wave b is actually a new impulse wave (5). Added "case for the bulls" chart to site. If new wave, then short position will be terminated early with expected support at 2456.
Trade active: Closed short during 9/5/17 drop and switched long at 2451 target. However, this bat/butterfly remains the alternate if market moves down back below 2454/2446 area.
Comment: Still Long, but this alternative is still in play. 9/6 close with support at 2467 could be b wave before further decline. However, looks like an impulse and up move with just a pause.
Trade closed: target reached: Closed Long near 2464 since 2467 proved stubborn. This original alternative has merit and will be reviewed with interest in a revised Bat target.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out