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Saturday, January 20, 2018 2:35:01 PM
>>> Local top confirmed <<<
By Avi Gilburt | January 17, 2018
Following the Elliott Wave analysis:
The market cooperated with expectations today by reversing shortly after the open, completing a 5th wave in the impulsive structure off last Wednesday's low. Zooming out, that impulse off Wednesday's low ideally counts as wave 5 of iii, with price now correcting in a higher degree 4th wave.
Under that assumption, today's decline should have completed the A-wave of iv, with price now starting a corrective bounce as wave B of iv. 2783.50 - 2793 SPX is the target resistance above if so, which should hold and turn price back down toward 2763 - 2746 SPX as wave C of iv next.
Otherwise, price would have to break impulsively back above 2793 SPX in order for me to assume that it is heading directly toward a new high as wave v of (v) already. Alternatively, a break below 2718 SPX is needed to confirm a larger top in place as all of minor degree wave 3, instead of needing one more high.
$SPX - Micro - Jan-16 1223 PM (1 hour)
https://www.elliottwavetrader.net/marketupdate/Local-top-confirmed-201801244416785.html
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Click on "In reply to", for Authors past commentaries
By Avi Gilburt | January 17, 2018
Following the Elliott Wave analysis:
The market cooperated with expectations today by reversing shortly after the open, completing a 5th wave in the impulsive structure off last Wednesday's low. Zooming out, that impulse off Wednesday's low ideally counts as wave 5 of iii, with price now correcting in a higher degree 4th wave.
Under that assumption, today's decline should have completed the A-wave of iv, with price now starting a corrective bounce as wave B of iv. 2783.50 - 2793 SPX is the target resistance above if so, which should hold and turn price back down toward 2763 - 2746 SPX as wave C of iv next.
Otherwise, price would have to break impulsively back above 2793 SPX in order for me to assume that it is heading directly toward a new high as wave v of (v) already. Alternatively, a break below 2718 SPX is needed to confirm a larger top in place as all of minor degree wave 3, instead of needing one more high.
$SPX - Micro - Jan-16 1223 PM (1 hour)
https://www.elliottwavetrader.net/marketupdate/Local-top-confirmed-201801244416785.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!
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