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SPX Elliott Wave Counts 11th August 2017

|Includes: SPDR S&P 500 Trust ETF (SPY)

Summary

S&P has finally completed it's 3rd wave up and entered the corrective 4th wave.

I expect the 4th wave to correct more than the current move down.

Aggressive target of around 2324.

There are already lots of EW resources covering the big picture for S&P and thus I will not be presenting the supercycle counts. Suffice to say that most Elliott Wavers do not differ on the high-to-highest degree (unless it is a matter of labeling as A-B-C or 1-2-3). 

Anyway, here's the count I have for you:

SPX Daily EW counts 11th August 2017 I don't really enjoy giving predictions for corrective waves, especially on the 4th because my experience is that they are usually lengthy and complex (wave 2 is usually cleaner but sharper move down in zigzag). In other words, I plainly don't know how it will move and current S&P is in it's infant 4th wave so really... any move is possible, although some people may still attempt to forecast with the sharp drop as context.

Here's the 4th hourly count:

SPX 4 hourly EW coutns 11th August 2017 I won't say much here. But if you are a believer in equity markets (high) beta during market correction, I suggest you look at my next article on Nikkei 225 where I put across an interesting pattern observed on Gold. Maybe that will provide some idea on how you might want to trade this.