Does the future markets price action confirm a top in the SP500?
There are 2 different counts on the chart a red and a yellow.
Both are 5 waves sequences which could indicate further moves lower to come after a retrace.
The internal technicals for a top is confirmed and the odds has increased.
The SP could have topped as an the 18th of may 2015.
But nothing is confirmed yet! Nothing!!!
Can SP still make a HH..?. Yes but... but let the price recover first before consider the bull side.
Then let's look at a more count.
We do simply not have the nail in the coffin confirmation before break of the white line.
So...! Nothing is settled and done with price action in the market !
And at the same time the markets action needs to be manifested in the SP too before anything can be conclued.
I have posted a chart at gyazo showing possible that can play out from $ES_F price action.
If you agree with my chart or just want to show appreciation - please click the thumbs up in top left corner of the chart.
I would really appreciate it!
Follow me on twitter for intraday updates and scalp plays
Music at work:
SP could also top here after making a x wave up. We still need more price action to determine.... one thing's for sure... market breadth is deteriorating slowly but surely....Thanks for comment Brian! Appreciated