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S&P: Elliott Wave Counts 4th Oct 2017

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

Summary

S&P is approaching the end of the 5th wave of the 3rd wave.

A conservative approach is to use the non-parallel trend line as exit.

An aggressive approach will use a parallel channel for target.

Here is a quick update for S&P. As expected, S&P moved up for the 5th wave of the 3rd wave. Now it is time to us to project the end. Here's the chart:

S&P 4H 4th Oct 2017 S&P Elliott Wave Counts 4th Oct 2017Personally, I think that the red trend line is too near a target for wave 5 and will prefer the blue, almost-parallel trend line as a target. This means that it still have some way to go yet. So if you have a position, shift your stop below blue iv and sit on your position. Ride your winners.

Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.