ES/SPX - What lies ahead...

oliverrathbun Pro Updated   
SP:SPX   S&P 500 Index
What is the near/longer term direction of the market?

Here's my take
I believe we are and will be in a "trader's market for the foreseeable future. This can be an excellent environment to make make in provided you manage risk by picking your entries judiciously.

From an Elliot wave perspective I think we are at an important fib level in the context of the current corrective wave as I see it.
I believe we have reached the peak of the b wave subdivision of b. This level is at the .618 fib level of the larger channel that we are in. From a risk perspective I think we can use the Groundhog's Day high or one marginal new high with a firm rejection as a stop point for this proposed scenario as laid out in the chart.

I am bullish on an intermediate term basis with one more sizeable sell-off that will set us up for a nice bull move to the ES 4500 area.

Good trading to you.
So far going according to plan... At this time no confirmation for the down side target just yet. Will update when shorter time frames confirm

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.