AI
Current Elliott Waves - Market started going up which support the idea that all the drop over the last weeks was just a blue wave 2 as I mentioned many times here. The start of blue wave 1 is 2728, so how long spx stays above this price, the count is still valid.
Now, the market spent too much time between daily ma(50) and ma(200) so I got a feeling that this is very tired here.
From here:
1. market can head down to finish leg C and blue wave 2 (red arrow). This will account for the fact that it is tired and spent too much time in a range.
2. it can head toward new ATH (green arrow) to complete blue wave 3.
I expect a drop early next week - based on the size of this drop, it will either go on completing leg C down (big drop) or if the correction is shallow, it will continue blue wave 3 up.
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, the market spent too much time between daily ma(50) and ma(200) so I got a feeling that this is very tired here.
From here:
1. market can head down to finish leg C and blue wave 2 (red arrow). This will account for the fact that it is tired and spent too much time in a range.
2. it can head toward new ATH (green arrow) to complete blue wave 3.
I expect a drop early next week - based on the size of this drop, it will either go on completing leg C down (big drop) or if the correction is shallow, it will continue blue wave 3 up.
Do not use Elliott waves for short term trading - they work properly for longer term trading (i.e. 2-3 months is the best)
