Stocks Push Into Resistance Zone - Look for Opening Gap to Fill

FX:SPX500   S&P 500 Index
1335 6
As we are about 90 minutes for the US Stock market bell ringing, overnight price movements suggest a gap higher on the opening.

Assessing the wave pattern and wave measurements, it appears this opening gap likely will get faded as we retest the lows from yesterday.

Prices could drift as high as 1970 and still be within the realm of a normal upward correction as it appears we are in wave iv. If correct, wave v would move lower retesting yesterday's low.

This view lines up with the EURUSD as well as it approaches support and may likely retest its highs from yesterday.
Hello, great analysis here! I just wanted to ask if you believe that price in this 4rth wave could move a little higher before a sell off for that final 5th wave? I am almost the same with your analysis but i have spotted a bearish gartley ( i only use harmonics for entry points - my analysis is based in elliot waves).. Am i allowed to insert a chart in this post, so you can see? I already follow you! Have a nice day!
Though prices sold off hard to end the day, we could still be in a complex correction or triangle for wave 4. Depending on where you entered, the higher end of today's range for an entry is a good spot to hold prices if wave iv continues to subdivide.
I think the move down from your 2 is the actual start of wave 1 of a new paradigm.
Way different character than the price action before.
IvanLabrie IvanLabrie
August 20th, 1:00 bar.
Good point - the intraday charts can get tricky when you include overnight sessions.
IvanLabrie JWagnerFXTrader
Indeed, I'm going by the USDJPY chart and the Asian session action mostly. I think this move is a wave 1 and we're in 2 of a new bearish cycle already.
But not visible without using neowave. (unless you look at aapl and see a truncated fifth)
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