Next week, i expect only a small drop if any, and then red wave 5 uptrend will start. Red wave 5 is supposed to last about 2 weeks, and add another maybe 50-70 points to SPX, before it will correct maybe 80 points or so (future blue wave 4). This count will be invalidated only if SPX drops below 2964.
If spx drops below 2964, than this drop is blue wave 4, a larger degree than red wave 4, and it can go down to 2920. So, keep an eye on 2964. And if you wonder if there is a single trade that can provide high odds of making money regardless of the wave (blue or red), the answer is yes. For example i got SPY Aug 2 calls at 298 for $2.7 - if it goes up, i make money right away; if it is blue wave 4 and it goes down to 272 first, i expect it to recover by Aug 2 to well above the current price so the calls should recover the loss. Plus, if it goes down to 292, that's an opportunity right there for more calls.
Do not use Elliott waves for short term trading - they work properly for longer term trading (i.e. 2-3 months is the best)
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