Ewj: elliott wave

SPX weekly chart seems to have completed a 5-wave move so far. The next move may be a-b-c wave followed by a continue uptrend. The alternative may be followed by a 5-wave downtrend move instead. The near-term move would be up in both counts anyway.

Just my 2 cents. Let’s see how it pans out.

 

Dow Jones


End of Wave 5

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We have reached the SPX 1040 target the sHs predicted .
There is a complete count at the measured move .
The RED line at SPX 1090 will determine between BULL Trap and BEAR Trap .

 

The market setiment began to change direction again .
But the setiment may not be negative enough .
DMA 200 became a resistance.
There may be another DOWN move for a final BEAR Trap :eek: .

 

Something like a Dark Cloud Cover .
RSI and MACD are changing direction.
DMA 200 shows some resistance.
There may be another dip in store .
But SPX (1089.41) is still lingering near the line of determination, i.e., 1090 .
The neckline of the failed atypical big Head and Shoulder may turn into support.
There may be no new low .
But if there is one, this may turn into a Big BEAR Trap :eek: .

 

The last four day's move looks corrective.
There may be another higher high to complete the Ending Diagonal ,
then a measure move DOWN :eek: .

 

Below SPX 1090 :eek: .
This DOWN move should continue to below SPX 1041 ,
where there may be a rebound if this break is a BEAR Trap, or
a crash to SPX 970 .

 

SPX 1090 may be a resistance.
Head and Shoulders pattern may be forming.
Target SPX 1041, if comfirmed.

 

We may be still in Wave 2]c)4 .

 

DMA 200 still shows some resistance.
MACD is crossing the trigger line.
"W" pattern versus Ending Diagonal .