Elliottician_SamRoy

S&P-500: STILL BULLISH LONG-TERM?

TVC:SPX   S&P 500 Index
This is somewhat Optimistic and Relaxing. No I aint optimistic bcz markets are at record highs, in fact until yesterday, I was permanent bearish (for at-least next decade) on US markets and then RSI got my attention. Yes these wave counts are suggested to me by RSI (period=9). Usually RSI gives the highest reading for a specific 'Impulse' wave at 3rd of 3rd (of 3rd etc.) Elliott wave and that we got in Jan-2018 at ~2876 (marked with red vertical arrow on chart) which tells me that prior ups and downs were only waves-1s and 2s and we have recently got our first wave-3 top at ~2940 in Sep-2018. This surely is a good news bcz IF this analysis is correct, world shall see some more of this shining bull market (with some short-term corrections of course) before a Big crash happens bcz on big picture, current bull market is 5th wave. And by the way, in 'Index' markets, usually fifth wave extends, isn't it? :P
Another supporting evidence is given by CoT indicator which tells that 'Commercials' have not yet given up on these markets and are still accumulating positions.
*NO INVESTMENT/TRADING ADVICE IS INTENDED. FOLLOW YOUR OWN ANALYSIS*
All the best (Y)
MUDASSAR

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