AI
Current Elliott Waves - Once again, not much to add from last week. Market spent more time on blue wave 2 last week. The start of blue wave 1 is 2728, so how long spx stays above this price, the count is still valid.
Now, this wave 2 can develop in many ways:
1. it can go back and forth between daily ma(50) and ma(200) or lower (2940-2800 or lower) for the next 4 weeks
2. it can put a bottom to it now and head toward new ATH
3. it can complete another leg down similar with the Aug 5 one, to get close to 2728.
Out of three valid ways, I lean toward the first one, but it can follow any of them and not invalidate any EW rules.
Do not use Elliott waves for short term trading - they work properly for longer term trading (i.e. 2-3 months is the best)
Now, this wave 2 can develop in many ways:
1. it can go back and forth between daily ma(50) and ma(200) or lower (2940-2800 or lower) for the next 4 weeks
2. it can put a bottom to it now and head toward new ATH
3. it can complete another leg down similar with the Aug 5 one, to get close to 2728.
Out of three valid ways, I lean toward the first one, but it can follow any of them and not invalidate any EW rules.
Do not use Elliott waves for short term trading - they work properly for longer term trading (i.e. 2-3 months is the best)
