AI
Current Elliott Waves - That's the last chance for bears to make a stand - if spx makes a new ATH, red leg down is probably invalidated.
Just like last week spx has the following options:
1. market can head down to finish leg C and blue wave 2 (red arrow). I can easily count enough waves from the August bottom, and it is at resistance, so now is the time for bears to turn it around.
2. it can head toward new ATH (green arrow) to complete blue wave 3.
Also this Wednesday we have the interest rate cut, and depending on the size of it, it can greatly influence the market.
Do not use Elliott waves for short term trading - they work properly for longer term trading (i.e. 2-3 months is the best)
Just like last week spx has the following options:
1. market can head down to finish leg C and blue wave 2 (red arrow). I can easily count enough waves from the August bottom, and it is at resistance, so now is the time for bears to turn it around.
2. it can head toward new ATH (green arrow) to complete blue wave 3.
Also this Wednesday we have the interest rate cut, and depending on the size of it, it can greatly influence the market.
Do not use Elliott waves for short term trading - they work properly for longer term trading (i.e. 2-3 months is the best)
