as i mentioned back to December, to be bullish, the serious test remains in between 2069.93 and 2130.46. So far, this zone is still a tough nut to crack.
'A few' E-woofers say SPX is in wave 3, after down wave 4, we will see blah blah blah ATH wave 5. This melody has been out there for quite a while, very ‘loud’. Let me 'jinx' it, How about a wave 5 Truncation?
Basic Tenets of the Elliott Wave Principle
A truncated fifth wave does not move beyond the end of the third. It can usually be verified by noting that the presumed fifth wave contains the necessary five subwaves, as illustrated in the following figure
Truncation gives warning of underlying weakness or strength in the market. In application, a truncated fifth wave will often cut short an expected target.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
