My last post noted SPX resistance up to just below 2475.
On 8/16/17 the SPX reached 2474.90 and began a new decline.
The decline continued into today, and on the 15 minute chart is a Elliott five wave pattern.
Very short term it appears this decline could be complete at the close of 8/17/17.
The 8/16/17 - 8/17/decline could be the second wave "one" down in a series of one's and two's down if so
after the next rally there could be a very powerful third of a third down.
Its possible that within 5 to 7 trading days the SPX could be at the 2322 - 2340 support zone.
Momentum continues to be very bearish.
Every day of the Nasdaq Composite rally 8/14/17 - 8/16/17 had more 52-weeks lows than 52 - week highs.
If the SPX reaches the 2322-2340 support this may only be a temporary stop.
A break of SPX 2322 could trigger a mini crash to SPX 2100.
More about this scenario in future posts.
Mark
On 8/16/17 the SPX reached 2474.90 and began a new decline.
The decline continued into today, and on the 15 minute chart is a Elliott five wave pattern.
Very short term it appears this decline could be complete at the close of 8/17/17.
The 8/16/17 - 8/17/decline could be the second wave "one" down in a series of one's and two's down if so
after the next rally there could be a very powerful third of a third down.
Its possible that within 5 to 7 trading days the SPX could be at the 2322 - 2340 support zone.
Momentum continues to be very bearish.
Every day of the Nasdaq Composite rally 8/14/17 - 8/16/17 had more 52-weeks lows than 52 - week highs.
If the SPX reaches the 2322-2340 support this may only be a temporary stop.
A break of SPX 2322 could trigger a mini crash to SPX 2100.
More about this scenario in future posts.
Mark