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Sunday, April 22, 2018 11:32:03 AM
Narrow range day
By: Avi Gilburt | April 19, 2018
Following the Elliott Wave analysis:
The market eked out a little more upside today, getting closer to the next fib resistance at 2721.50 SPX. Aside from still extending in wave iii of the ending diagonal (c)-wave that began from the April 6th low, not much has changed.
My near-term expectations remain the same, looking for a local top soon when wave iii completes, which should lead to a corrective pullback as wave iv next. Current support for wave iv sits between 2679 - 2664 SPX. Assuming that support does hold on the next pullback, it should setup another rally to a new local high again as wave v to complete the ending diagonal (c)-wave and the circle d-wave within the blue wave 4 triangle count.
Until 2703 SPX is taken out to indicate a local top in place as a completed wave iii, a little more near-term upside can be seen tomorrow to test the 2721.50 SPX resistance above.
$SPX - Micro - Apr-18 1213 PM (30 min)
https://www.elliottwavetrader.net/marketupdate/Narrow-range-day-201804144646114.html
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By: Avi Gilburt | April 19, 2018
Following the Elliott Wave analysis:
The market eked out a little more upside today, getting closer to the next fib resistance at 2721.50 SPX. Aside from still extending in wave iii of the ending diagonal (c)-wave that began from the April 6th low, not much has changed.
My near-term expectations remain the same, looking for a local top soon when wave iii completes, which should lead to a corrective pullback as wave iv next. Current support for wave iv sits between 2679 - 2664 SPX. Assuming that support does hold on the next pullback, it should setup another rally to a new local high again as wave v to complete the ending diagonal (c)-wave and the circle d-wave within the blue wave 4 triangle count.
Until 2703 SPX is taken out to indicate a local top in place as a completed wave iii, a little more near-term upside can be seen tomorrow to test the 2721.50 SPX resistance above.
$SPX - Micro - Apr-18 1213 PM (30 min)
https://www.elliottwavetrader.net/marketupdate/Narrow-range-day-201804144646114.html
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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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