Elliott Wave Target: 2,700 SPX

By: Ed Carlson | Mon, Mar 13, 2017
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Looking at the bull market advance since 2009, we can see at least two options for counting. The options are that wave 3 ended in May'15 (blue) or wave 3 is ongoing (green).

The late 2015 decline certainly looks like a potential wave 4 except that the high earlier in May that year came with a negative divergence in RSI. Third waves usually have a strong RSI reading (like now).

If SPX is currently in wave v of 3 (green), then wave v is expected to be 100% or 161.8% of wave 1 (2009-10). As 100% has already been exceeded, 161.8% at 2,700 is the next target.

However, if SPX is in wave 5 from the 2009 low (blue), it is expected to be 61.8% of the 2009-20015 rally. That would target... (drum roll)... 2,700.

S&P Elliott Wave Count
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Ed Carlson

Author: Ed Carlson

Ed Carlson
Seattle Technical Advisors.com

Ed Carlson

Ed Carlson, author of George Lindsay and the Art of Technical Analysis, and his new book, George Lindsay's An Aid to Timing is an independent trader, consultant, and Chartered Market Technician (CMT) based in Seattle. Carlson manages the website Seattle Technical Advisors.com, where he publishes daily and weekly commentary. He spent twenty years as a stockbroker and holds an M.B.A. from Wichita State University.

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