• 516 days Will The ECB Continue To Hike Rates?
  • 517 days Forbes: Aramco Remains Largest Company In The Middle East
  • 518 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 918 days Could Crypto Overtake Traditional Investment?
  • 923 days Americans Still Quitting Jobs At Record Pace
  • 925 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 928 days Is The Dollar Too Strong?
  • 928 days Big Tech Disappoints Investors on Earnings Calls
  • 929 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 931 days China Is Quietly Trying To Distance Itself From Russia
  • 931 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 935 days Crypto Investors Won Big In 2021
  • 935 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 936 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 938 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 939 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 942 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 943 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 943 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 945 days Are NFTs About To Take Over Gaming?
readtheticker

readtheticker

readtheticker

We are financial market enthusiasts using methods expressed by the Gann, Hurst and Wyckoff with a few of our own proprietary tools. Readtheticker.com provides online…

Contact Author

  1. Home
  2. Markets
  3. Other

This SP500 Chart is NOT Pretty - UPDATE

Can't resist an update to the Elliot wave count in a previous post. Confession, we are not Elliot Wave experts, and we are using Elliot Wave 101 here. When its simple and obvious we can count the waves out ok. So pinch of salt and all that.

No matter what measuring stick you use to measure this massive bear market bounce or bull market within a bear market or 'V' recovery prices have run up for a long period and something is bound to happen.

NOTE: Only a mad man would call a top in this market. But its fun!

This is an update to this post: This SP500 chart is NOT pretty

To conclude: Price is in the final rally up, ending at a larger count of 5,5,C. Currently price will either do a ABC and finish within days or break into a small 5 count and finish in a couple weeks (mid may, 'Sell in May').

Could the massive ABC from March 2009 lows be a mere 1 and 2 of a massive new bull market. If that is true then this may be the new USA flag. Hope not, money printing and currency devaluation are tools of economic policy failure. Learn more via Keynes vs Hayek.

Here is our best count...

SPY

 

Back to homepage

Leave a comment

Leave a comment