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TheWaveTrading

TheWaveTrading

My goal is to establish the most likely path that the price of a particular asset will undertake and profit through ETF instruments both on…

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SPX: Follow Up of the Short Term EWP

DOUBTFUL REVERSAL PATTERN

If the scenario that I have suggested in the Weekly Analysis last Saturday is the correct one: " But since the "thrust" out of the Triangle is also corrective I have to consider that price instead of unfolding an impulsive wave (C) = (Z), from the November 16 low, it will unfold an Ending Diagonal therefore the top could be delayed 1 or 2 more weeks.

Potential Target range for the pending wave (C) = (Z):

  • The measured target of Triangle is at 1583 +/-
  • Extension target ==> 0.618 (A) = 1600 // 1 x 1 (A) = 1629.75"

Below I repeat the SPX 60 min chart with my preferred count of the up leg from the February 25 low, which I posted last Saturday.

SPX 60-Minute Chart
Larger Image

Despite an aggressive distribution day so far we have a 3-wave down leg therefore in order to consider that the move from the February 25 low is over we need a 9-wave (impulsive) structure, while a 3 or 7 wave structure without breaching the pivot support located at 1551.90 will suggest that the Triangle thrust is not done yet.

SPX 15-Minute Chart
Larger Image

 

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