Like in Nasdaq I am reverting to my earlier chart with a giant expanding triangle. Here, however, it does not look as technically correct as in Nasdaq. I do not see the price rallying much over 4330 which is a very strong level and this will not allow to make connect A, C and E points with a line. We'll see.
Let me repeat that I like the idea of a big expanding triangle for that it is the perfect way to strip the remaining cash from the bull and bears. Leave everyone confused with wild swings. Trigger FOMO once again in the wave E, make people pile in for another last time before collapsing to new lows, cleansing the superabundant cash from the system.
Not that many (all of us, given the chance?) wouldn't be so diabolical, but is that not greatly over-shadowed by our own "belief flip-flops", and the market's "multiple trader personalities" syndrom? Given the social engineering of the "not very free market" (eg Fed, Treasury), active controls would fit right in. But who is "they", and do "they" have to actually do anything (politically embarassing if caught) or does it actually work better as they trade off what we do to ourselves?
wolffarchitecture
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while it is possible to consider that we are now near the completion of he 3rd wave of minor wave-a about to enter wave-4 (with another minor/minor 5th wave to go higher), this structure would suggest a bullish zig-zag correction and this type of correction is more typical of a major wave -2 then wave-b. for now we think we are more likely in a flat major wave-b correction as also evidence by a number of hyper bullish/corrective stocks which already exhibit a 5-wave structure up( i.e they need to correct). We expect this Monday to be modestly bullish (as Monday which follow bullish Fridays are 70% likely to be bullish), but then after this we expect profit taking and a b-wave lower of this degree. true this may turn out to be wav-4 but we are near a pivot and taking some profit of the table might be a good game plan for some. If it turn out to be a wave-4 of minor/ minor degree, we can always buy back in when price action finds support on a minor b-wave (if we wish to trade on the final 5th wave -up), we are mostly wave 3- traders
wolffarchitecture
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From basic Elliott fib # number/level we are counting recent price action at near completion of the initial corrective a-wave up (as part of a major level corrective B-wave), in the next couple days we are expecting to start a corrective b-wave lower (to 3850-ish) before reaching 4200, then after reaching 3850-ish moving back up higher on the final c-wave of the major B-wave near the 4350-4000-ish level (as shown on your chart) . After this We agree we can expect a major degree (C)-wave lower to push to a new yearly low
Fomenka
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@wolffarchitecture, Jeez, guys could you drop a link to your chart? so difficult to get through the text...