DAX appears to be in Minor wave 5 up from the early 2016 bottom. Mark
The 60 minute SPX chart gives a different perspective to the bullish upside potential to the 2450-2460 area on 5/10/17 or 5/11/17. Since March 1, 2017 top at 2401 the pattern is a cup and handle - a bullish formation. Another way of looking at the situation is to understand where the bears stop loss orders could be placed. Here we have a tight double top at SPX...
The SPX appears to be on track to hit major Fibonacci coordinates in the area of SPX 2450-2460. Please see my prior SPX posts. There is a Fibonacci time target of 5/8/17 as a potential turn date. Fibonacci price coordinates are more reliable than time coordinates. It is doubtful the SPX could reach the 2450-2460 area on 5/8/17, if the price target is hit it is...
Please see my 2/19/17 post SPX Major Top Forecast 2450-2465 In this post I illustrate two long term Fib calculations that target major Fib resistance at SPX 2454.10 and 2459.30 Recently Minor wave 4 completed a Horizontal Triangle at SPX 2335.10. When calculating the target for a post Triangle thrust, use the end point not the low point of a H-Triangle - which...
My last post speculated that Minor wave 4 Horizontal Triangle completed at the low of 4/18/17. It now appears the Triangle ended 4/19/17 which is a Fibonacci 34 trading days since the termination of Minor wave 3 on 3/1/17. The move up from the 3/19/17 bottom is impulsive and probably the early part of Minor wave 5, which when complete will terminate a five wave...
The SPX appears to have completed a Horizontal Triangle on 4/18/17. Use the low made on 4/18/17 as a stop on long positions. If Minor wave 5 is underway minimum upside target is SPX 2401. Mark
The VIX may spike April 17-19 possibly because of worries about Korea. In three out of the last four times the Daily RSI on the VIX has gone above 70% its been a good time to go long US stocks. In the Brexit "crisis" there was a RSI divergence. The declining trend-line may also prove to be a guide to catching a VIX spike top. If the SPX declines into the...
This is an update to my 4/5/17 post in which two downside targets were listed. The SPX had a bulls-eye hit of the first target at 2337.30 the subsequent rally did not last and as of the close 4/13/17 the SPX was just below the 2nd target of 2329.80. This is where the supposed Minute wave "c" is .618 of Minute wave "a". Bullish factor: Decline from 2378.70 is...
Today 4/11/17 the SPX bottomed in the expected price and time target zone. Use the low of 4/11/17 as the stop level if long. For the 4/12/17 open. If your risk exposure is less than 3%, go long the open and buy any pull backs from the SPX 4/11/17 close as long as the SPX is above the 4/11/17 bottom. Mark
This is an update to my Elliott wave tutorial on 4/5/17. The Horizontal Triangle discussed in that post appears to be still under construction. Minute wave "c" could be complete today if a bottom is made in the SPX 2336-2342 area. There are two Fib points in this zone plus chart support. If target is hit close shorts and go long. Mark
Minor wave 4 could still be under construction, taking the form of a Horizontal Triangle. (see" Elliott Wave Principle" pages 48- 50) Both Minute waves "a" and "b" have taken the form of Double Zigzags under the guideline for alternation we can expect Minute wave "c" to take the form of a Single Zigzag. Minute wave "b" has no Fibonacci relationship with Minute...
My original target for Minor wave 4 was 2280-2300 on 3/27/17 After 3/24 it looked like a bottom was made. On 3/27 the SPX made new lows and appeared headed to a least 2300, instead it went up on 3/28. It is possible Minor wave 4 could still be under construction, regardless of the larger wave structure there appears to be an Ending Diagonal Triangle forming near...
Today 3/27/17 the SPX broke through Fib support and appears to be headed to my original support target zone of 2280 - 2300. Minor wave 4 could be forming a Elliott wave Double Zigzag. The second wave (b) is probably forming a Horizontal Triangle. Wave "b" = 1.618 x "a" Wave "c" = "a" Wave "c" = .618 of "b" If this count is correct the SPX could open...
Please see my post on 3/2/17 - "Progress of Minor Wave 4" and my post on 3/12/17 "SPX Bottom Time Target 3/27/17" In every market, and for individual stocks there is a point where the majority recognize the primary trend. For stock bull markets, this usually comes about 2/3 into the rise off of a significant bottom. In the case of the SPX, that significant...
There is a possibility that Minor wave "4" bottomed on 3/22/17 at SPX 2336.50. So far there has been very little sell off in US stocks from the failure to pass a health care bill. That could change today. The DAX which may have finished an Ending Diagonal Triangle at its last 2017 high has not declined much - which is unusual for a post EDT top. The picture...
Today 3/22/17 could be a choppy day. The best Elliott wave count has the SPX possibly forming an Ending Diagonal Triangle from the high at 2360. If so there could be a small rally after the 9:30 AM -ET open then a decline below the low 3/21/17 There is Fib support in the 2340 -2337 area. If the SPX bottoms in that area there could be a rally up to resistance...
The recent SPX peak at 2390 appears to be Minute wave X of a developing Minor wave 4 down. The decline from SPX 2390 looks like a leading Diagonal Triangle. If the SPX can rally to the 2380 area in the first hour of 3/21/7 this could be an excellent short opportunity. Minor wave 4 bottom target date is 3/27/17 price zone 2280-2300
The DAX appears to have completed its Minor wave "3" up from the February 2016 bottom. Minute wave "V" of the structure is a very clear Elliott wave Ending Diagonal Triangle. If so the decline could quickly reach the EDT point of origin in the 11470 area. Mark