• 2 hours The Top Tech Stocks Of The Year
  • 17 hours America’s Workforce Elderly Workforce To Double By 2028
  • 23 hours Toyota Tests Solar-Powered Prius
  • 2 days Why The Gold Rally Flatlined
  • 2 days The Uranium Sector Can’t Catch A Break
  • 3 days Upcoming Fed Meeting Has Investors On Edge
  • 3 days Global Gold Sector Outlines Responsible Mining Principles
  • 4 days China’s Giant Vampire Fund Loses $120B
  • 4 days McDonalds To Roll Out Robot Drive-Thru Clerks
  • 4 days Savvy Investors Are Betting Big On This Little Data Company
  • 5 days How The Government Is Wasting Tax Money This Year
  • 5 days Supply Concerns Halt Expansion On Tianqi Lithium Plant
  • 5 days The World’s Biggest IPO Is Almost Here
  • 6 days The Relatively Of Money And Happiness
  • 6 days Wall Street Unfazed By Recession Fears
  • 6 days SoftBank Urges WeWork To Pause IPO Plans
  • 7 days Anti-Aging Market To Hit $55 Billion
  • 7 days JPM, Morgan Stanley Take Advisory Roles In Aramco IPO
  • 7 days Are Bonds In A Bubble?
  • 8 days The Unknown Media Giant Taking The World By Storm
Billionaires Are Pushing Art To New Limits

Billionaires Are Pushing Art To New Limits

Welcome to Art Basel: The…

The Problem With Modern Monetary Theory

The Problem With Modern Monetary Theory

Modern monetary theory has been…

Zombie Foreclosures On The Rise In The U.S.

Zombie Foreclosures On The Rise In The U.S.

During the quarter there were…

  1. Home
  2. Markets
  3. Other

Elliott Wave Analysis of SPX

Originally posted on 29/11/2015.

I decided to switch ideas, although I am happy to switch back should we see a solid break under 2019SPX, the lack of downside is supporting the market is most likely in wave 5 and not still in wave 4, initially I was looking for a decline to either 1900SPX for wave [C] of a triangle or even 1850SPX for wave [C] of a flat pattern to end wave 4 on the weekly charts. But the reluctance to break down a few weeks back is strongly suggesting it's most likely in wave 5 and further more it could well be inside in wave [5] of 5 as shown.

S&P500 Daily Chart
Larger Image

Short term it's a bit messy around the Aug 2015 lows, but I have found a way to count it, so if the market is actually in wave 5 (the only issue is the NIK225, USDJPY and DAX look out of sync with this idea) Then I favor its still inside wave [4] as a possible triangle, but if fails to move under 2055-60SPX, then any dip could be a [c] wave of wave 2 for a flat pattern, if however we see a 3 wave move from 2019SPX and a small spike into the 2100 - 2110SPX area, then a swift reversal back below 2100SPX and remains below 2100SPX, then it can still suggest its inside wave [4] and possibly decline towards 2040SPX for wave C of a triangle. There are a few options and until I get some more price action I don't have a clear idea, but I can say that staying above 2019SPX is supporting the idea it's in wave 5 of the weekly wave count, so should see more upside regardless if its inside wave [4] of 5 or now in wave [5] of 5.

S&P500 Weekly Elliott Wave Chart
Larger Image

If it actually fails to move above 2116SPX it could still support more downside and even a possible break under 2019SPX which would bring the previous ideas we were working and a decline towards 1900SPX for wave [C] of a larger triangle into play, but as long as its above 2019SPX the bulls are firmly in charge on the weekly charts...

Alt idea

S&P500 Alternate Weekly Elliott Wave Chart
Larger Image

 

Back to homepage

Leave a comment

Leave a comment