In several of my recent posts I've noted that there have been several alternate counts for the SPX. For the last few weeks since June 28th
the rally has been steady and looks impulsive. I believe an Elliott wave Horizontal Triangle may have ended on 6/28/18 at SPX 2691.99. If so the SPX is now in a post triangle trust up which is common after completion of a Horizontal Triangle.
Normally the widest part of a triangle when added to the triangles completion point will be able to target the post triangle trust termination point. In this case the widest part of the January to June triangle is 340.18 points added to the completion point of the triangle at 2691.99 targets SPX 3032.17. This is very close to the long term major Fib coordinate at 3047 which I've mention several times since January of 2018.
This week the SPX could rally 80 points with possibly a major top somewhere in the area of 3025 to 3060 during the second week of September.
Also watch the RUT which made it into the major resistance zone mentioned in my previous post. If this index stops in the resistance zone and the SPX continues higher it could be a big clue that a major top is forming.
Bears, please be patient your bull fighting days may soon be over. There's no bonus prize for catching the top tick. Most downside profits usually come after conformation of a top. To be profitable in any market you must trade with the primary trend.
Mark
PS for some reason my entire SPX chart did not post - by moving the chart to the right you can see the entire wave count.
the rally has been steady and looks impulsive. I believe an Elliott wave Horizontal Triangle may have ended on 6/28/18 at SPX 2691.99. If so the SPX is now in a post triangle trust up which is common after completion of a Horizontal Triangle.
Normally the widest part of a triangle when added to the triangles completion point will be able to target the post triangle trust termination point. In this case the widest part of the January to June triangle is 340.18 points added to the completion point of the triangle at 2691.99 targets SPX 3032.17. This is very close to the long term major Fib coordinate at 3047 which I've mention several times since January of 2018.
This week the SPX could rally 80 points with possibly a major top somewhere in the area of 3025 to 3060 during the second week of September.
Also watch the RUT which made it into the major resistance zone mentioned in my previous post. If this index stops in the resistance zone and the SPX continues higher it could be a big clue that a major top is forming.
Bears, please be patient your bull fighting days may soon be over. There's no bonus prize for catching the top tick. Most downside profits usually come after conformation of a top. To be profitable in any market you must trade with the primary trend.
Mark
PS for some reason my entire SPX chart did not post - by moving the chart to the right you can see the entire wave count.