Replies to post #308 on SPX Elliott Waves (SP500)

[NASARAVI]

Gratitude

Not playing this market as I am overseas for over a month in Europe.

But I feel strongly that if 3010 is taken out - my gut feel says that we are heading on blue wave 3 -

Regards.

[gratitude]

Market shows signs that it might finish the run from 2825 soon, as it got enough waves - the high is either in or will be reached before the week is over imo; chart over the weekend

[gratitude]

If market is going to do option 1 in post #308, now it's time to start leg C. If it goes above 2027, the chances of a leg C down will decrease. Leg A has 5 waves and leg B has 3 waves which seem completed today, so if leg C develops from here it will have 5 waves down to complete a big zig-zag that started in early August.

[gratitude]

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)