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Sunday, July 26, 2020 3:57:39 PM
Upper Support Being Tested
By: Avi Gilburt | July 24, 2020
Following the Elliott Wave analysis:
With today’s pullback, we are now testing the upper support to the market in the 3219-3232SPX region. That really is the ideal target for a wave 4 pullback if we are following the diagonal structure in the SPX.
Very simply, should this support hold, then we are likely looking for a wave 5 of (5) pointing us up towards the 3320-3340SPX region. IF we break this support, then we have the more important 3185-3200SPX support below that.
Most importantly, and as I have been reiterating, the market must break below the 3185SPX support with an impulsive 5-wave structure for us to consider the top has been struck in the green (b) wave, and that a (c) wave down towards the 2900SPX region has begun. But, I simply cannot say that we have a clean structure that is pointing to that outcome at this time.
So, for now, 3219SPX is upper support, with 3185SPX below that. As long as support continues to hold, I am still looking to test the all-time highs again in the blue count to complete wave (5) of (i) off the March lows. Below support, and we can move back into the green count.
5minMicro
60minSPX
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By: Avi Gilburt | July 24, 2020
Following the Elliott Wave analysis:
With today’s pullback, we are now testing the upper support to the market in the 3219-3232SPX region. That really is the ideal target for a wave 4 pullback if we are following the diagonal structure in the SPX.
Very simply, should this support hold, then we are likely looking for a wave 5 of (5) pointing us up towards the 3320-3340SPX region. IF we break this support, then we have the more important 3185-3200SPX support below that.
Most importantly, and as I have been reiterating, the market must break below the 3185SPX support with an impulsive 5-wave structure for us to consider the top has been struck in the green (b) wave, and that a (c) wave down towards the 2900SPX region has begun. But, I simply cannot say that we have a clean structure that is pointing to that outcome at this time.
So, for now, 3219SPX is upper support, with 3185SPX below that. As long as support continues to hold, I am still looking to test the all-time highs again in the blue count to complete wave (5) of (i) off the March lows. Below support, and we can move back into the green count.
5minMicro
60minSPX
Read Full Story »»»
DiscoverGold Click on "In reply to", for Authors past commentaries
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Caveat emptor!
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