Current Elliott Waves - This week, SPX worked on red wave 3 and as of today, there are 2 options:
1. my favorite one is that SPX did red wave 3 this week, and red wave 4 will happen early next week. If it does, it will drop 40-50 points and then will start red wave 5 up.
2. the shallow 30 points drop at the beginning of the week was red wave 4, and now the market is doing red wave 5 (only the start of it so far). My indicators support this option, but it implies that the subwave 5 of red wave 3 was truncated, and that's something that's quite rare imo, so i have my doubts.
Regardless of the option, red wave 5 is supposed to last about 2 weeks, and add another maybe 50 points to SPX, before it will correct maybe 80 points or so (future blue wave 4).
Do not use Elliott waves for short term trading - they work properly for longer term trading (i.e. 2-3 months is the best)