SPX Another Selling Can Enter Index Into Buying Area?
Hello Traders,
SPX short-term Elliott wave view suggests that a rally to $2941.42 high ended black wave ((B)) bounce. Down from there, black wave ((C)) remain in progress as impulse structure. Where initial decline to $2912.63 low ended black wave ((i)). A bounce to $2939.86 high ended black wave ((ii)). A decline to $2883.92 low ended black wave ((iii)), black wave ((iv)) ended at $2909.64.
Black wave ((v)) ended at $2869.29 low, which also completed red wave 1. Up from there a bounce to $2894.83 high ended red wave 2 as a Flat structure. Where lesser degree black wave ((a)) ended at $2890.42, black wave ((b)) ended at $2862.08 and black wave ((c)) ended at $2894.83. Down from there, red wave 3 ended in lesser degree 5 waves at $2745.46. A bounce to $2784.11 high ended red wave 4 recovery.
Then red wave 5 of blue wave (1) ended at 2710 and as long as it stays above that level the index is expected to do a bounce in blue wave (2) to correct the cycle from $2941.42 high in 3, 7 or 11 swings before turning lower 1 more time entering into another possible long side at $2584.87-$2363.19 area approximately. We don’t like selling it.
SPX short-term Elliott wave view suggests that a rally to $2941.42 high ended black wave ((B)) bounce. Down from there, black wave ((C)) remain in progress as impulse structure. Where initial decline to $2912.63 low ended black wave ((i)). A bounce to $2939.86 high ended black wave ((ii)). A decline to $2883.92 low ended black wave ((iii)), black wave ((iv)) ended at $2909.64.
Black wave ((v)) ended at $2869.29 low, which also completed red wave 1. Up from there a bounce to $2894.83 high ended red wave 2 as a Flat structure. Where lesser degree black wave ((a)) ended at $2890.42, black wave ((b)) ended at $2862.08 and black wave ((c)) ended at $2894.83. Down from there, red wave 3 ended in lesser degree 5 waves at $2745.46. A bounce to $2784.11 high ended red wave 4 recovery.
Then red wave 5 of blue wave (1) ended at 2710 and as long as it stays above that level the index is expected to do a bounce in blue wave (2) to correct the cycle from $2941.42 high in 3, 7 or 11 swings before turning lower 1 more time entering into another possible long side at $2584.87-$2363.19 area approximately. We don’t like selling it.
14 days trial --> elliottwave-forecast.com/amember/go.php?r=2670&i=l3 and get Accurate & timely Elliott Wave Forecasts of 78 instruments. Webinars, Chat Room, Stocks/Forex/Indices Signals & more.