SPX500 - New crossroads... again - What is the direction now?
I've been having fun with this market as it is moving so fast. BUT... as a result it can fool us. So how many Elliotticians does it take to confirm a count? Well you may never get any two to agree. LOL.
I said in an earlier post I would be watching for a 3 wave move down. Well I've labelled this move as so but it was so fast moving it's hard to really see it. Now if this is the case, this means the move down would end soon and a new high may be coming.
BUT>>>>> with that in mind I will also post after, in the comments, what could be a 5 wave move down. If that is the case then a 3 wave move up will come and a new bigger move down will ensue.
Whether you like EW or you prefer trend-channels and lines, both methods are converging here to give the same outlook.
As in: A big break below the channel is a new trend - a move back up could be signaling new highs are coming.
I said in an earlier post I would be watching for a 3 wave move down. Well I've labelled this move as so but it was so fast moving it's hard to really see it. Now if this is the case, this means the move down would end soon and a new high may be coming.
BUT>>>>> with that in mind I will also post after, in the comments, what could be a 5 wave move down. If that is the case then a 3 wave move up will come and a new bigger move down will ensue.
Whether you like EW or you prefer trend-channels and lines, both methods are converging here to give the same outlook.
As in: A big break below the channel is a new trend - a move back up could be signaling new highs are coming.
Comment:
And here is a chart labelled with 5 waves. With such a strong move it's tough to interpret. So we watch now at this level. If the price is going to move down further a strong daily close below the current low will be the clue.
