BROKEN ARROW... We were trading soldiers

SP:SPX   S&P 500 Index
Broken Arrow

SP are in the final stages of wave 5 in an Ending Diagonal ...just before "Broken Arrow".

The chart above shows the final A-B-C in an Elliott Wave count having 5 waves up from 666,79

As FED-chair Ms .Yellen just proclaimed for the 2nd time... Stocks are overvalued.
First time was the signal for preparing - cause FEDs trading desk will pull out and
switch off bullish price control.
Now it's serious meant you have a fortnight maximum if not less.

The A-wave up came this fridayand tested the 88,6 retrace of the latest swing high and low
From there ( monday or tuesday I see SP will have a shallow B-wave before the final C-wave .
The C-wave will possibly bring the SP to 2138.04 - the 1.618 extension of the
2007 high at 1,576.09 to 666.79 - 2009 low and leave ....a Broken Arrow.

I'm not short or long... will keep my powder dry for the short or trade other instruments than the indexes.
Fear not... believe what you see and trade it.

Music at work:

Broken Arrow?
Didn't we have the same divergence in Sep/Oct 2014? Is the elliot wave and fib retrace the difference between the present and that dip?
Shouldn't we have to have another up swing, because this fall from the top does't look like an impulsive wave? It could be still missing C in last 5...or am I wrong? Thanks for answer;-)
great work, thanks a lot!!!
It the TOP in?
KevinT WallStScalper
Seems bouncing off your C already
+1 Reply
Yes you are right! Setting right now a looking... if we in fact has started on a Broken arrow due to 3 things... 1) Latest downturn still have the looks of a possible 4 wave and no confirmation of broken support ... but might come of cause...see the chart below and 2) Yellen speaks friday. It will possibly keep market buoyant. 3) Megaphone forming (EW= Expanding Diagonal) in SPXU.. SPX inverse 3X see 2nd chart below. If it pans out SP should find support at 2016 on the ES_F and 2018 on SPX500 and in finding that it might result in SP setting a new ATH before Broken Arrow. A new ATH could push the SP to touch 2138 and give the ending diagonal more credibility due to bigger overthrow of upper trendline.Chart 1 Chart 2:
+1 Reply
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