WallStScalper
Long

The only way is up .. on a 3 way drive ....to a bottom

FX:SPX500   S&P 500 index of US listed shares
355 7 3
This three way drive to a bottom makes a bottom in the market
and target should be in the 1820 zone...then.... let's take it from there.

But as always time will show..
Safe trading ladies and gents!
BM
Music at work:
https://www.youtube.com/watch?v=UtKADQnjQmc
I hope so....:)
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May form a bullish wolf wave. In that case, target may be higher, with the leg bottom starting at wave 3.
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THX KevinT! :D ...That was what I was looking for... gives med price, time and arrival.: http://www.wolfewave.com/an_illustration_along_with_the_rules.htm Damn! it good :)
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I agree I see us possibly tagging $183 if we manage to get over $181. So we shall have to wait and see.
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WallStScalper PRO climbing_stars
Hi Onebreath!
Thank you for your comment. If the SP can get up that fare 1230 I would say - using fib extension - above 1831,9 (78,6 fib retrace) and the SP could be heading much higher. Probably setting higher highs on daily - after a retrace for a second wave down.
But so fare the possible SHS setting up on daily over a 3 months period could very well be the top for many months to come - if not theeee top when also taken Feds tapering in to consideration.
On the other hand. Emerging markets are suffering from US dollars repatriation. This could prop up the US market.
On the chart I post underneath I see the 1818 being a possible top of a right shoulder.

N.B.
Do you have any litterateur on three way drives to a bottom? I find it hard to find anything about expected targets for the pattern. What i'm looking for is some kind of statistic that says something about it. Thx! in advance! BM
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climbing_stars WallStScalper
I set my first target at the 38.2% fib extension after a 3 drives and raise my stop accordingly as we rise. I will state that the daily has potential for a bearish 5-0 to happen at $181. if we push passed this I will be watching the 61.8% at $182. If this gets broken I am looking at the 88.6% around $183.87. Only if this breaks will I consider new highs. I am not as optimistic as you BM haha. I have a very hard time seeing this getting above $184. As always trade well!
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That's my corrected chart after close After the 3 way drive to a bottom a strong push up comes.
Target area is between 1807 - makes the ABCD pattern - and 1817 makes the 1.27 fib extension.
snapshot
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