Replies to post #275 on SPX Elliott Waves (SP500)

[gdl]

YUP. The Elliot's are calling the same scenario. Most likely another wave higher and it most likely starts immediately.

That is a logical assumption. me, I also see no more than one hour into Mondays session to determine the path.

In either case the highs for the possible fifth wave should be under 3,000 and most likely 2960 area. Based on common sense and a heating up on trade wars not likely positive news this week. In other words a rally here to new highs would require a world sedative. China has finally pulled of their gloves and wants to go a few rounds. Did you notice the last months data showed a SURPLUS in exports here by China. Kind of funny. Trump is not laughing.

Either i get out of my Puts by 10:30 Monday or let it ride. For my scenario to work we need a drop that exceeds the largest intra-day drop on Friday.

[gratitude]

Current Elliott Waves - 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. Today's rally gives hopes that blue wave 2 is done, but the market behaviour next week will tell the story.

I still see the market heading to new ATH soon, so long term calls are the best imo.

Do not use Elliott waves for short term trading - they work properly for longer term trading (i.e. 2-3 months is the best)

[Johan Meiso]

Hi Gratitude,

I like your way of thinking, any new thoughts in pipeline?
Thx and keep well.