This is a forecasting chart, not an AFTER THE FACT this was my winning trade. So please use a tested strategy to trade it , if you don't have one STOP TRADING live and go back to learning.
Trade with care
Thank you for your support.
Training : add to skype mangal457
Look at link below and go back to 3rd week of December for the years of 2015 and 2014. The 3rd week is when the last quarter of futures expire. This year it happens to be Friday the 16th. We should have a contest to see who can play and time this right for a possibility of big money to be made during that week if this year plays out like the last 2 years did.
Regarding what is happening in this market now, I have to agree with Anil, we are in a strong uptrend, which only so far have seen smaller healthy corrections over the years. I had expected a much more harsh drop if Trump got elected, so the dip we saw tonight is a good sign for further upside ahead. -Often, change is just healthy. Remember how a wave in Elliott wave theory evolves; an impulse needs a correction to continue to its progress.
In my post I used the most basic governing rules of EW theory to make sense of Anil's/your chart and wave count. These rules were taken from the pdf you kindly posted (Which I actually had already). This 5th wave is clearly a 'diagonal triangle' rather than impulse, since wave 4 overlapped wave 1, but regardless, it's still a motive wave and therefore the rule still holds that wave 3 cannot be the shortest wave.
If the above is true then, in your opinion, is there anything wrong with the conclusion in my previous post?
1) Anil posted this idea about SPX with an update showing wave count for this 5th wave (please see in update section).
2) I used his chart to predict a potential magnitude for the 5th wave (using the rules of EW theory as i understand it). This gave a prediction for the 5th wave to land at no more than 2233 (since wave 3 cannot be the smallest in magnitude). Please see my previous post on this to see how i arrived at such a conclusion.
3) It is this conclusion i was looking for an opinion on.
4) However, I have since realised that your chart (posted below) shows a completely different wave count to Anil's
5) Therefore, since you're in disagreement with Anil you will also be in disagreement with my conclusions which are based on Anil's chart/wave count.
Since wave 3 so far has been the shortest at ~200 pips it should follow that wave iv (of V) will be no more than ~200 pips. Further, if we assume that we have just had the C (in the ABC 4th wave correction as in your chart) which measured ~2033 then the 5th and final wave CANNOT go further than 2233. It has to go beyond 2193 (wave iii high) since the 5th wave is a motive wave and has to make progress. In summary, the 5th wave has to land between 2193 and 2233. i.e. a nominal new high before we have our major correction. This is just my interpretation of using EW to try and make a useful prediction for trading purposes.
Would appreciate your (and any other Elliotician's) thoughts ...