Current Elliott Waves - Not much to add from last week. Market spent more time moving between 2800 and 2940 as anticipated. The start of blue wave 1 is 2728, so how long spx stays above this price, the count is still valid.
Now, from here:
1. it can go back and forth between daily ma(50) and ma(200) or lower (2940-2800 or lower) for the next 2 weeks, with a final leg down around Sep 18
2. it can head toward new ATH
Out of these 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)
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