S&P500 Elliott Wave Analysis
Not much to add here except to confirm the Elliott Wave analysis is pretty much as expected.
We suggested yesterday that “this is it” and that the bulls had to perform or let it die…….we got the answer that we were looking for today.
Short term it looks like we had to do 1088 and as I type this were a very nearly there after hours reaching 1185.4 ……… 1105 will be our next target and ideally before the end of the week.
1110 is a key pivot in the longer term.
1063 is the point where that bull count technically fails but in reality 1075-78 is the support zone.
Stock Chart patterns in play are the Inverted head and shoulders pattern that we have been following which will target 1240s if it plays out.
The rising channel was absolutely spot on and captured the low perfectly and adds weight to the bullish case.
Short term we have the Triple bottom pattern on the hourly chart and is where the 1088 target comes from…..lets see if they can do it for us :-)
is 1163 a typo for 1063 (and 1175 ..)
Thanks Clive, Yes, Sorry about that.
It has now been been edited to read 1063
Less than 1/2 a handle off so far it is but near enough now that there is a risk of backtesting support……
Risk for shorts is that they could gap it up towards next resistance at 1105 tomorrow.
Fwiw….no rush for 1105 – Monday would do fine.
Yep, straight to 1105….will be looking for a gap fill now.
Fwiw…..a decent ping down in gold too
An amazing call ACE it really was …longed a few stocks on the back of ur call….will look to close now!
Also short for gap fill!
Banked the lot at 98….now out of all trades
)
Still think we will see a gap fill but this should be s2L so could be by the scenic route.
Testing the highs and short again……..another gap (up) and go next week is a real danger so keeping it tight.
Needs to close off the high to reduce the gap and go risk……will probably take anything that is on offer before the close.
Short again too….think a decent chance of a good negative print before any move up!…
how tight is your stop Kenny? if thats not too personal a question ….lol!
The next minor resistance zone is 1110 but would probably exit before that depending on price action.
Was only supposed to be a scalp trade and if the larger wave count is correct we are heading for that 1240…..also, we have that risk of a gap and go when cash opens again on Tuesday.
closed out half position at 96.5…..running the other one , but watching carefully ….. gap might fill and much higher than that and i’ll cut!
Nice one mate, I am now out of all trades again.
Could still go either way.
getting the feeling gap will fill , this 95-96 has been strong support…. so have cut the rest and will re-enter half at1104 with stop above 1110 giving me a free ride , but guaranteeing some profit
Just switched to Gold am now swing short at 1157 – will re-assess if it pops a new high.
Great work Kenny. Excellent Blog.
Hey griz, thanks mate