Recently there have been posts suggesting the SPX from 12/26/18 could be nearing completion of an Elliott wave - Ending Diagonal Triangle.
Elliott rules state that third waves are never the shortest in a five wave motive pattern, therefore the supposed EDT will be invalid above SPX 2923.06 where the supposed fifth wave will be longer than the supposed third wave.
As for time there are guidelines not rules. So far the in time,the supposed wave (3) is ten trading days while the supposed wave five is fifteen trading days. Typically the time of wave five in an EDT is shorter than wave three. As of 4/12/19 this in itself makes the EDT count suspicious.
In the area of momentum evidence- RSI continues to confirm price.
If the SPX breaks above 2923.06 there it could quickly reach the all - time high at 2940.
SPX 3047 is my primary target for what could be significant resistance.
Mark
Elliott rules state that third waves are never the shortest in a five wave motive pattern, therefore the supposed EDT will be invalid above SPX 2923.06 where the supposed fifth wave will be longer than the supposed third wave.
As for time there are guidelines not rules. So far the in time,the supposed wave (3) is ten trading days while the supposed wave five is fifteen trading days. Typically the time of wave five in an EDT is shorter than wave three. As of 4/12/19 this in itself makes the EDT count suspicious.
In the area of momentum evidence- RSI continues to confirm price.
If the SPX breaks above 2923.06 there it could quickly reach the all - time high at 2940.
SPX 3047 is my primary target for what could be significant resistance.
Mark