SPX is currently Bullish, preparing to finalize the 3rd Impulsive Primary Wave, withing the 3rd Impulsive Cycle Wave. On the Short and Medium term, we are expecting S&P 500 to continue gaining for the first Quarter of 2017 and then Consolidate and give back some its gains, as per the 4th Corrective Cycle Wave. The second half of 2017 is the most important in our view and we are awaiting the Final Bullish Wave and the end of the Bullish Supercycle.
@Cryptowaffles, almost, looking at the current rise as the last jump for Primary 3.
Drop coming in Primary 4 .
kunsan
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Nice chart. This is exactly as I see it, except that I have circled 3, 4, 5 higher than on your chart. Looking for blue III to be 1.618* blue I. For this pattern to be valid, I think the market needs to unexpectly have a very strong run over the next three/four weeks.
Lionheart-EWA
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@kunsan yes, now we are ending primary 3, i will update the chart soon. Thanks for the comment, your views are right.
kunsan
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@Libeloo24, I read a report today on Bloomberg that short positions in the SPX are near record highs as distrust of this bull market remains widespread. Apparently hedge funds that are short refused to cover their positions even though the market broke upwards through 2400. This suggests to me that the market needs to have a very strong upwards thrust to create pain for the shorts, and when they are forced to cover that will send the market even higher. So I remain with my view that a strong upwards move towards 2500 or even 2600 by the summer remains a distinct possibility. This is a 'gut feel' only and I don't have money riding on this view.
Lionheart-EWA
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@kunsan, Agree with you and waiting for the bullish move before selling it.