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. @BLawrenceM
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