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jwlondon98

S&P 500 Melt Up... SM Rally May Soon Come To An Abrupt End..

S&P 500 Index (SP:SPX)  
jwlondon98 Updated   
SP:SPX   S&P 500 Index
Trend Analysis Chart Patterns Wave Analysis
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trendanalysis chartpattern waveanalysis
In this idea I am looking for a potential top for the S&P 500. We all know the stock market has been booming, but that cannot go in forever without a decent pullback. The S&P looks like it could go for a blow off top, as the monthly is going straight up now. I'm no expert, but typically this could mean a reversal is near. The stock market is melting up, stocks are overvalued, and the whole market is overbought. If the elliott waves drawn are correct, SPX may have a primary wave 5 top in the 2900-3000 range. That range is what I think is most likely. The two pitchforks I drew help validate this idea for me. When I draw these pitchfork channels I typically start by doing a swing high to low, then I look for where the median line seems to create significant support/resistance. I've determined that these two PF channels seem to be significant. SPX looks like its nearing median line resistance on one PF, as well as resistance at the top of another. 2.618 Fib also validates my target range. I don't trade stocks, this is just an idea. I will update later with some more details.
Comment:
Here is a cleaner view:
snapshot
Comment:
Drew this for a trading buddy. Might be beneficial if anyone wants to see the bigger picture. Just my thought process on the long term elliott waves.
snapshot
Comment:
If you're still in stocks you are delusional. Stay safe.
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