The S&P 500 has clocked another record high and it will be next week’s European stock index performance that offers guidance as to whether the mid-October upswing has already ended or alternatively, continuing higher to our next upside targets towards 2128.25+/-. It remains a delicate balance between these two short-term scenarios
This market hit the 2070 pivot on Friday. Around these pivots we have a cluster of Fibonacci wave relationships, which should act as resistance: 2078, 2082 and 2084. This small six point range locks in the entire advance from the SPX 1075 Primary II low, making it quite important. Should this uptrend break through it, and the pivots, the next pivot is at SPX 2131.
synopsis:
Tony use near term wave: in his words: “five Minor waves up from the SPX 1821 low: 1898-1878-2046-2030-2071.”
Let’s check: 1821-1898, length 77, ducking on 2030, 0.618/2078, 0.707/2084. 2082 comes from 2078-2084 inner 0.618.
imho, Use 2079.76/2.500 (root 1075) in chart (3) as a gauge is more compelling than use wave 3 extrapolation out of ‘five minor waves’.
archive:
Thursday, 11/13/14 11:33:11 AM In the past quarters, not every ramp knocked out the major Fib point at the first attempt. For example, 1474.51 (actual) vs. 1481.56, ... etc. No matter it was a successful or failed attempt, there was a sizable pullback.
(EDIT: we are getting closer and closer to see another sizable pullback)
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