Dear traders,
It has been over a week since the last S&P500 chart in which I showed we were close to ending the corrective move.
Last friday prices sharply turned when they completed the elliott wave count and reached the bear flag target.
It is now safe to say the bulls are back in town as current prices have beaten the wave A bottom. This means that the large Wave 4 corrective move is officialy over.
Therefore I have started a new 5 wave count for the bulls which would end up to be the larger Wave 5 move.
As you can see there's another small 5 wave count which represents the first leg (which is nearly completed).
Remember that the wave count doesn't say anything about the time it costs to be completed. This move might take a month or maybe a year.
These are my technical arguments for switching back to buying the dips in indices (US and EU).
Best regards from The Netherlands and never forget: use stop orders to heed yourself from expensive mistakes!
It has been over a week since the last S&P500 chart in which I showed we were close to ending the corrective move.
Last friday prices sharply turned when they completed the elliott wave count and reached the bear flag target.
It is now safe to say the bulls are back in town as current prices have beaten the wave A bottom. This means that the large Wave 4 corrective move is officialy over.
Therefore I have started a new 5 wave count for the bulls which would end up to be the larger Wave 5 move.
As you can see there's another small 5 wave count which represents the first leg (which is nearly completed).
Remember that the wave count doesn't say anything about the time it costs to be completed. This move might take a month or maybe a year.
These are my technical arguments for switching back to buying the dips in indices (US and EU).
Best regards from The Netherlands and never forget: use stop orders to heed yourself from expensive mistakes!
Comment:
Wave 4 correction seems to go slow. When finished correctly SP500 can go up towards 3400.
Comment:
5 out of 5 waves complete. Next move should be correction wave 2 towards 3320