There are two other possible SPX wave counts in addition to the two counts I posted three days ago.
A bearish count has a double Zigzag up from 2/11/16 nearing completion. In this count the first Zigzag up would be the February to June rally. The June 27 Brexit bottom is "X" wave. The second wave "A" up is June - August Rally. Second "B" down is November 4th bottom. Second "C" up could be completed in 1 or 2 trading days.
Illustrated is another alternate count which is an Ending Diagonal Triangle that is still under construction. In this count the supposed wave "3" up looks like it could continue for one or two trading days before completion.
The rising trend line from August could be a resistance area.
There is also a Fibonacci coordinate at 2303.80.
August - November decline was 110.00 SPX points x 2 = 220.00 + 2083.80, 11/4/16 low = 2303.80.
A decisive move above the rising trend line will increase the chance that a powerful third wave up is still in progress.
As of 1/27/17 there are at least four different Elliott wave paths the SPX could take.
Three counts are bullish and one is bearish. The probabilities favor the bulls.
How powerful the bull market is could be determined next week.
Watch the rising trend line January 30-31.
Mark
A bearish count has a double Zigzag up from 2/11/16 nearing completion. In this count the first Zigzag up would be the February to June rally. The June 27 Brexit bottom is "X" wave. The second wave "A" up is June - August Rally. Second "B" down is November 4th bottom. Second "C" up could be completed in 1 or 2 trading days.
Illustrated is another alternate count which is an Ending Diagonal Triangle that is still under construction. In this count the supposed wave "3" up looks like it could continue for one or two trading days before completion.
The rising trend line from August could be a resistance area.
There is also a Fibonacci coordinate at 2303.80.
August - November decline was 110.00 SPX points x 2 = 220.00 + 2083.80, 11/4/16 low = 2303.80.
A decisive move above the rising trend line will increase the chance that a powerful third wave up is still in progress.
As of 1/27/17 there are at least four different Elliott wave paths the SPX could take.
Three counts are bullish and one is bearish. The probabilities favor the bulls.
How powerful the bull market is could be determined next week.
Watch the rising trend line January 30-31.
Mark