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Sunday, January 22, 2017 9:21:38 AM
For those who follow Elliott Wave analysis:
Bullish setup still holding
* January 18, 2017
Despite the initial drop lower this morning, the market managed to hold yesterday's low and so far has maintained the bounce into close. Therefore, not much to add yet with an inside day like this.
My preference remains that wave (2) of circle 3 has completed, but if that is the case then price needs to start making its way higher to complete wave 1 of (3) and then eventually breaking out above the January high in wave 3 of (3).
Otherwise, the alternative potential is that either wave (2) of circle 3 is not complete yet and we will get another move lower to 2259.50 SPX; or if that support cannot hold, the larger circle wave 2 is not complete and price retests last week's low.
https://www.elliottwavetrader.net/marketupdate/Bullish-setup-still-holding-201701343634781.html
• DiscoverGold
Click on "In reply to", for Authors past commentaries
Bullish setup still holding
* January 18, 2017
Despite the initial drop lower this morning, the market managed to hold yesterday's low and so far has maintained the bounce into close. Therefore, not much to add yet with an inside day like this.
My preference remains that wave (2) of circle 3 has completed, but if that is the case then price needs to start making its way higher to complete wave 1 of (3) and then eventually breaking out above the January high in wave 3 of (3).
Otherwise, the alternative potential is that either wave (2) of circle 3 is not complete yet and we will get another move lower to 2259.50 SPX; or if that support cannot hold, the larger circle wave 2 is not complete and price retests last week's low.
https://www.elliottwavetrader.net/marketupdate/Bullish-setup-still-holding-201701343634781.html
• DiscoverGold
Click on "In reply to", for Authors past commentaries
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Your Due Dilegence is a must!
• DiscoverGold
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