The hourly S&P500 is about as neutral as they come. The hourly chart of the cash S&P500 index is below. Notice that the EMA-34 is currently "flat-lined" sideways, and the two nearest hourly fractals are about equidistant apart. The Elliott Wave Oscillator is quite close to the zero line with the price bias slightly to the up side.
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| S&P500 Cash Index - Hourly - Neutral |
The flat wave written about in the last post did come to pass. There is a near 0.618 retracement upward. But, the flat does not have to be over. It could easily be, but there are ways for it to extend in time, such as by making a diagonal c wave within the flat.
After today's gap-up open, prices got down tantalizingly close to overlap on the S&P500, but did not actually overlap.
The market could be stalling here waiting for the Brexit votes tomorrow, or news on any trade deal with China. It could even begin waiting for the "end of the month" infusion of funds from pension funds, 401k, company bonuses, and dividend reinvestment plans, with the beginning of the month next Monday.
With the market so neutral, it might be best to see if the Elliott Wave count can clear up in the next few days or not. As long as price is above 2,765 it is difficult to claim that downside wave counting should begin.
Have a very good start to your evening.
TraderJoe
Thanks Joe for your unbiased analysis. Two days ago I thought a new down trend would soon be confirmed. Now, still more patience is required. This has been a long 3 month wait for some clarity.
ReplyDeletehttps://pbs.twimg.com/media/D2mCtd1W0AEexkg.png:large
ReplyDeleteDiagonal C wave would cause degree violation? 1 of C would be bigger than all of A?
ReplyDeleteGold trying to hold channel. Not sure if this is the start of new decline or c of another triangle.
ReplyDeleteIts long enough in time and retrace but B waves remind me of my kids. What is sometimes expected is seen as suggestions.
Deletelow today was 1.618 extension
DeleteNoticed there are no gaps down from yesterday's high of 2830 in SPX cash.
ReplyDeleteWe are not done. Price action around 2800 contested shelf pointing to another wave up.
ReplyDeleteThe move will very likely be executed with substantial additional leverage and will draw in the final cohort of undecided bulls. The unwind will be equally swift, trapping any trader that chases the move and the move down will be breath-taking as they reverse gears.
hi verne carty
Deletehow much is your final goal for the sp 500 ??? before the big fall
hi verne carty
Deletehow much is your final goal for the sp 500 ??? before the big fall
Hm I wonder maybe yesterdays flat was W:3 or A and todays bottom X:3 or B
ReplyDeleteA new post has been started for the next day.
ReplyDelete