Updating my SPX daily count.
The SPX from the 2/11/16 bottom still counts best as an Elliott wave Ending Diagonal Triangle (EDT).
*Please see "Elliott Wave Principle" pages 36-39.
This count is valid if Minor wave "1" does not exceed the length of minor wave "3" which is at SPX 2285.92.
If the wave count is correct, EDT's after completion usually quickly retrace back to their point of origin. In this case the bottom made on 2/11/16. Considering the size of this wave the decline could be completed in just two to three months.
Also congratulations to Trading View member kusan who has commented on my posts expecting the SPX to rally to the 2280 -2283 area. The SPX hit this area on 1/6/17, great analysis!
Mark
The SPX from the 2/11/16 bottom still counts best as an Elliott wave Ending Diagonal Triangle (EDT).
*Please see "Elliott Wave Principle" pages 36-39.
This count is valid if Minor wave "1" does not exceed the length of minor wave "3" which is at SPX 2285.92.
If the wave count is correct, EDT's after completion usually quickly retrace back to their point of origin. In this case the bottom made on 2/11/16. Considering the size of this wave the decline could be completed in just two to three months.
Also congratulations to Trading View member kusan who has commented on my posts expecting the SPX to rally to the 2280 -2283 area. The SPX hit this area on 1/6/17, great analysis!
Mark