The S&P500 Elliott Wave Analysis Updated from last week shows the tight range that we are trading in since hitting our 1105 target on the nose and on time.

Our timing studies were looking for an intermediate high centered on the weekend so could have come in a bit later but when a price target and a timing target comes in together, it is always a powerful signal

A Medium Term low should be in place at the recent Triple Bottom low as we expected. It was slightly early so that was another bullish indicator in the medium term. The Intermediate cycle is now in an inversion zone so is less useful at this point.

The zoom out of the chart shows how the bigger picture is unfolding and that 1040 low is now a key pivot for medium term traders.

The intermediate time frame has already done enough to satisfy the minimum required and although that does not technically mean that it is complete we feel that if it were to break down again from here, that it would be in danger of a larger move down.

There is no need to change to our position of being medium term bullish yet.

The Red path through the lower target area on the chart at 1168 is our preferred option at this time and already we are seeing an increased general awareness of that Inverted Head and Shoulders pattern as the bears give up waiting on that elusive Head and Shoulders pattern to play out.

Much of the expectation from the trading community for that Head and Shoulders playing out was based on the statistics that September is historically the worst month in the calendar year for stocks but if our medium term time studies are correct, that will not be that case this year, although the bulk of the move may be in place already.

Lets see where the boys want to take us and go with it.