Ewj: elliott wave

The UP move looks impulsive .
May be Wave :a or :1 .
Both can go UP to 1085 to near the gap .

 

Thanks charts and Mu!

Here's another view in case the "pick the bottom" scenario does not play out.

ESH0 15min

 

Pg 79, EW Principle 20th Anniversary Edition:

"If the analyst can easily say to himself, "There is something wrong with this market," chances are it's a "B" wave."

Hmmm.... wonder if this applies right now.....

ESH0 61m

 

UP as expected .
But not sure, this is Wave :3 or Wave .c .

 

Does it matter?

They behave the same. We just need to get the direction right, isn't it?

Wave C or 3, enjoy the strong move up!

 

SPX 15min

 

After taking another look at this chart, I still feel 1097 to be a good target before the down move resumes.

The intraday squiggles may be difficult to anticipate and define though, so I think it's best to leave it to Mr Market to chart its own path there...

"However, in lethargic or choppy markets, particularly in corrections, wave structures are more likely to be complex and slow to develop. In these cases, a longer term chart often effectively condenses the action into a form that clarifies the pattern in progress." (Pg 68 EWP 20th Anniversary Edition)

 

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