• 288 days Will The ECB Continue To Hike Rates?
  • 288 days Forbes: Aramco Remains Largest Company In The Middle East
  • 290 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 690 days Could Crypto Overtake Traditional Investment?
  • 695 days Americans Still Quitting Jobs At Record Pace
  • 697 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 700 days Is The Dollar Too Strong?
  • 700 days Big Tech Disappoints Investors on Earnings Calls
  • 701 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 703 days China Is Quietly Trying To Distance Itself From Russia
  • 703 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 707 days Crypto Investors Won Big In 2021
  • 707 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 708 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 710 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 711 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 714 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 715 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 715 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 717 days Are NFTs About To Take Over Gaming?
Market Sentiment At Its Lowest In 10 Months

Market Sentiment At Its Lowest In 10 Months

Stocks sold off last week…

How The Ultra-Wealthy Are Using Art To Dodge Taxes

How The Ultra-Wealthy Are Using Art To Dodge Taxes

More freeports open around the…

The Problem With Modern Monetary Theory

The Problem With Modern Monetary Theory

Modern monetary theory has been…

  1. Home
  2. Markets
  3. Other

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

 

Back to homepage

Leave a comment

Leave a comment