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

SP:SPX   S&P 500 Index
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:
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.
Comment: If you're still in stocks you are delusional. Stay safe.
not in agreement... i dont see it topping yet...
+3 Reply
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