(the following is from an Intraweek update subscription)
May 17th- The SPX followed through with the previous predictions dropping through 1151 and 1140, and closing under the main channel trough trendline, reaching a low of 1126.14. All charts larger than the intraday charts have sell signals and we are expecting another day of follow through May 17th to test our uptrending linear regression line (green) in the charts above at the 1124-1126 level for tomorrow. Tomorrow looks to be an important day as stocks will be pinched between this uptrending green linear regression line and the downtrending troughline of the channel. If stocks close under 1124-1126, it could very well reach 1114 which would be the SPX’s next challenge. The range for tomorrow is between 1124-1126 and 1135-1132. If the Elliot wave theorists are correct, this next leg down could be the beginning of a subcycle of a 3rd primary degree supercycle wave, a move down which would make investors wish they had gotten out weeks ago. If this supercycle 3rd degree wave was to ever happen, the charts right now are actually set up to reflect it’s best to chance to become a reality.
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Best Regards and good luck trading!
Disclosure: no positions