SPX Elliott Wave View: Ending Wave 3 Soon

Mar. 03, 2017 4:52 AM ETSPY
Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Contributor Since 2017

ElliottWave-Forecast has built its reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, Cycles, Proprietary Pivot System, we provide precise forecasts with up-to-date analysis for 78 instruments including Forex majors & crosses, Commodities, Equity Indices, Stocks, ETFs and Crypto-currencies. Our clients also have immediate access to our proprietary Actionable Trade Setups, Market Overview, 1 Hour, 4 Hour, Daily & Weekly Wave Counts. Weekend Webinar, Live Screen Sharing Sessions, Daily Technical Videos and Trading Setups.

Revised short term Elliott Wave view in SPX suggests that the rally from 1/23 low is unfolding as a 5 waves Elliott wave impulse structure where Minor wave 1 ended at 2301 and Minor wave 2 ended at 2267.2. The Index has erased momentum divergence at the peak suggesting it is likely still within Minor wave 3 higher. Internals of Minor wave 3 shows an extension and subdivided also as an impulse structure where Minute wave ((i)) ended at 2289.1, Minute wave ((ii)) ended at 2271.6, Minute wave ((iii)) ended at 2400.98 and Minute wave ((iv)) is in progress and may reach as low as 2366 - 2371 area before Index turns higher to complete Minute wave ((v)) within Minor wave 3 towards 2408 area. Afterwards, Index is expected to see a pullback in Minor wave 4 before turning higher one more time in Minor wave 5 and end cycle from 1/23 low. We don't like selling the Index and expect dips to find buyers in the sequence of 3, 7 or 11 swings for another push higher within the cycle from 1/23 lows in wave A higher.

SPX 1 hour chart 3.3.2017

To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.
Is this happening to you frequently? Please report it on our feedback forum.
If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.