SPX Elliott Waves (SP500)

[gdl]

My non-chart take. Mueller delayed till 24th. Bad seasonality starts end of month. We are approaching MY momentum targets. Russell is trailing badly and it has the best chart pattern for me. I see a possible double top forming there as the upmost move.

FED will cut by 25 basis points as the street gives it a 100 percent understanding. the data between now and then will show just how strong our domestic economy is, excluding manufacturing. there is no way the FED even hints of another cut after that. The news will drop the market hard.

China full year data shows their imports have dropped by 34 percent. WOW!
Their exports to USA dropped by 8 percent! Seems Trumps trade war is working. Working for China in the long term. they have made alliances with everyone expect us, have lowered their tariffs with everyone but us and will be able to take a financial hit till they realign away from dependence on direct trade with us. Trump is now going after all the nations benefiting from his insane war. Isn't going to work.
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I see a nice continued move from here. NOTHING indicates otherwise. I will NOT however bet the move up since the more profitable and safe bet would be AFTER it hits my targets. i expect a fast drop and steep. Till then VIX goes to sleep and maximum complacency takes over.

BTW Trump got killed on the Acosta situation and actually backed down from defying the Supreme Court. Frankly the GOP will accept all actions by trump no matter how outrageous and will before his term is up defy the Supreme Court. there will be no ramifications if he does. we live in a Brave New World.