1:1 Fib extension has been hit to the tick (A=C) but prices seem to want to reach the 0.618 retracement (GZ). Oil prices - which act as an economic barometer - are screaming for bear market but will SPX and NDX listen?
1:1 extension and 0.887 retracement hit. We have reached the ML of the PF which means we may fluctuate around it for some time.
If the indices collapse too, beware of the extended 5th!
The more we levitate here, the more @CryptoElliott's alternates become likely. There is nothing wrong with pink sub-micro W2's strong retracement. This is actually common after a leading diag. In this scenario, we should dump relatively soon.
Top could be in here at the 1:1 extension confluent with the ML of the channel and the 2-year key horizontal level (around 2875). Notice that the C of the Y would be short here, like the C of the W. We are just below the GZ. We are drifting away from the ML of the PF. Nice 4H bearish divergence. Lets see what happens before the close.
Believe it or not, this is the cleanest count in the S&P 500 futures. The second W2 didn't even reach the 0.236 which is quite doubtful, especially below such a potentially strong resistance. Are we hyper bullish? I don't think so but this market is capable of anything and may want to pump at each pretext (covid19 vaccine rumour like last night, tweet, etc.). Of...
If you are an experienced professional trader, this one might interest you... Green box: 3.40-2.96. Green algo target at 3.31. If we make an extended 5, we may reach 1.92. In the meantime, watch that $17 support in the WTI. Again, for professionals only :grinning:
Oil Prices Approaching Massive Support
NDX Pushing in our Sell Short Box
The Elliott wave micro count is getting very tricky and not ideal. Within the suggested upward corrective structure here, we can see a clean impulse coming off the low, followed by a flat. The third move is composed of 7 subwaves where we should expect 9 to complete this pink submicro ABC up.
Bears, Beware of this Alternate Scenario in SPX
Will Oil Prices Bottom at $17?
Check this Resistance Line at 2876 in SPX
Bearish Divergence... Long-term resistance line... Declining Volume...
Bearish Divergence... Long-term resistance line... Declining Volume...
WTI/SPX Ratio Showing Light at the End of the Tunnel for Oil Stocks