AndreaGrey

S&P Elliott Correction Wave

AMEX:SPY   SPDR S&P 500 ETF TRUST
S&P looks to have reached a peak for the time being with a correction in the works. The potential for a triple top reversal is possible as there continues to be increasing downside risk (Trade War, Brexit, consumer confidence, impeachment, global economic outlook, and slowing Chinese economy to name a few). Additionally, a major catalyst that could help the S&P to remain bullish would be some major posiitve trade war action. Your continued constructive criticism is appreciated as I work on improving.


Comments

there is definitely a potential to the upside, but this means that the trade deal should get fixed to the point that both china and us admit to it not just trump saying it.
Also, US is moving to make a law that China will be very angry about:
"The Hong Kong Human Rights and Democracy Act, which will now move to the Senate before it can become law, has drawn rare bipartisan support in a polarized Congress"

which reinforces that notion that the trade war is no were close to be resolved.
the Fed is also just talking about "skipping" the next interest rate cut.
We did have a up trend due to the percieved Trade deal,
There is no deal at all, just talk of it. but next time around people will not be believing trump so readily.

so there is a potential for the upside but there is more or equal potential for down side too.
which makes it more tricky
+1 Reply
AndreaGrey mansofun
@mansofun, Thank you for your comments. I agree with you on the trade deal issue. The smoke and mirrors coming out of the Whitehouse won't last long if real signs of progress aren't forthcoming. I find it interesting that we are in negotiations with them and expect things to go smoothly when we are condemning them for Human Rights violations. I'm not suggesting that the condemnation isn't justified, just that we " can't have our cake and eat it too " so to speak.
Reply
wave 4 cannot enter wave 1 territory
Reply
@Rag2riches, Technically it can if it's an ending diagonal pattern or a leading diagonal pattern.
Reply
Rag2riches VelvetHammersTrading
@VelvetHammersTrading, yes you are right but its not the case here
Reply
@Rag2riches, yes, I believe you are correct
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Private Messages Chat Sign Out