markrivest
Long

SPX Could Have Explosive Up Day on 1/2/19

SPCFD:SPX   S&P 500 Index
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My prior SPX post noted that the intraday pattern since the bottom made at 2346 appeared corrective.
I was expecting 12/31/18 to be a down day as a prelude to more downside action in early 2019.
Instead the SPX formed a base. The alternate bullish count is what I consider - super bullish .

1) A series of "Ones" and "Twos" up is the prelude to a powerful third wave rally.
2) Both supposed waves "two" down have shallow retracements of the prior rally- a sign of weak bears.
3) Wave "y in the Running Combination fails to exceed the termination point of wave "w" this implies anxious bulls
4) Wave "c" in the Running Flat fails to exceed the termination point of wave "a" this implies anxious bulls.

All of these factors indicate a potentially huge SPX move up on 1/2/19, perhaps more than 100 points.
So far both the Dow Jones Industrials and the Nasdaq Composite have moved above their February 2018 bottoms. If the SPX moves
above its February 2018 bottom at 2532 this could begin a very big move up.

Bears, you've made fantastic profits, don't let these profits disappear.
Remember the old Wall Street saying; Bulls make money, Bears make money, Pigs get slaughtered.

Happy New Year!
Mark



Comments

2019 is the Year of the Pig in the Chinese 12 Year Zodiac.
We'll see. But you may be onto something there :)
Happy New Year Mark.
+1 Reply
I think we have a ways to go downward. Probably a slow bleed. A big difference between this and past corrections is the length of time the MA trends have been downward. Apple crushed all hopes of a trend reversal in my opinion
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I think calling LONG now is a bit hasty.
My view on this:


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Agree, 100%! I think we see a bump up to the 2600-2630 level before retesting the lows later in January.
Reply
markrivest mbehrens87
Hi @mbehrens87,

Thanks for the comment.

Mark
Reply
Interesting analysis Mark, but I think unlikely. Note that the 2520 top is an exact ABC rally from the bottom.
Reply
Hi @kunsan,
Thanks for the comment, I noted the possible corrective pattern in my previous post before this one.

We could have an answer as to which is the correct pattern very soon.


Mark
Reply
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