SPX bounced from the exact zone anticipated in . This is a short term plot to observe the bounce going into NY open. The bounce looks "Impulsive" for sure, so am looking for 5 waves.
The Elliott Wave path is just a rough guess. But the Fib Zones are solid areas of concern. Reaction at each zone will be telling of strength.
This method help me spot Also helped spot the
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See some of my other plots and trade calls below. I also plot Forex and Crypto, take a look at my profile page.
Of course, I have had total FAILS on some ideas too, not going to pretend. But all of my plots show PRECISE entries, TIGHT stops, and EXACT targets. Precision is the way of the Fib. Almost every turn happens at a Fib Line.
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So far so good, but wave 5 might get truncated gap down after hours, not sure why, prolly some Trade War development. Still hanging on the fib, so lets see if it goes another band up.
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Just hit first target in UK session, waiting to see the reaction (if any)
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Zoomed in we see the exact reaction to bottom of resistance zone plotted
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Looks like a completed Impulse wave going into NY open
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Higher tf fib from my previous Idea that was looking for this bounce from the green zone Another hint of possible bounce completion with prefect reach into the band.
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Final Target hit towards end of US session
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Awe Inspiring Beauty 500 companies, with x00 variable each, xMillion investors each, yet the average price turns on a Dime ... err, PENNY !
perhaps it retraces 50 or 682 and then continues higher,.
EuroMotif
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@chocotraders, yeah, very possible that a decent correction then up again.
But NY opens in 20 minutes, and the first 1/2 hour is always tricky so will be just watching....
LotusTrading20
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Wedge with divergence on RSI:
EuroMotif
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@chocotraders, oh, good eye.
Sure looks to be nearing a top.
Will be interesting to see what US money does today....
LotusTrading20
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I guess wave 4 is not finished, maybe is more like a flat correction, consolidating this zone here.
LotusTrading20
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oh, i see what you mean "truncated"!!! ;D
LotusTrading20
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mexican trade war! you have around 8860 for target ?
EuroMotif
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@chocotraders, "mexican trade war! "
aha, thanks for heads up.
Doesn't look like a move killer (yet)...
But it might come back to the green support zone around 2888.
If it does come back that far, then maybe we get only a double top on this tf...
Lets see how Asia views the developments ...