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 Ending Diagonal 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 bullish 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 futures market ! And at the same time the futures markets action needs to be manifested in the SP too before anything can be conclued.
I have posted a chart at gyazo showing possible Harmonic Patterns 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!
TWUC @BLawrenceM Follow me on twitter for intraday updates and scalp plays
Notice if you adjusted your yellow trendline slilghtly for the 6/22 high you designate as a "c" the apex of that trendline is at the same point where price reversed. Before price was trading on top of the yellow trendline. But now price has broken through this and it looks like we will head back up to be topped by that trendline. 2160-80?
CoinedByCrypto
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Yes! You are absolutely right. I'm looking at many different counts that still can be made. One with top being in and this messy back and forth as a begin of 1-2 , 1-2 before a 3 wave down.
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
ChartArt
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Just follow the plan
CoinedByCrypto
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Yes I see a Bullish Gartley doing the pop up as showed on your chart
smitheric1970
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Good lines B! Nice chart, very clear. BEARISH. I don't know Ivan, I am am also very bullish oil so I think the equity markets are in for a long fall. ES 2030 is coming quick. Maybe a retrace to 2087 first.
CoinedByCrypto
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I agree with a break of 2067,92 on the SP things could go down quickly. But we need the break.
smitheric1970
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Oops, I meant very bearish oil. Sorry, hence my also bearish s & p stance.
IvanLabrie
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I think the whole structure is corrective and that there is still pending upside.
The dollar adjusted chart makes way more sense:
CoinedByCrypto
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Yes as we chatted about earlier... There is a bullish count as well. Only thing that (might) has occurred is that bears have gained a slight advantage. BUT they need to show commitment and follow through and break the white line.... something they haven't done for 6 years. But never too late to start doing it.
dionvuletich
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I agree last weeks close on OEX SP100/ SP500 are very bearish to me, agree with ending diagonal will try and short at last weeks low if not too late when I hit the trading screens later