Another Leg Down Coming./ S+P 500 Likely to Test 2018 Low @ 2532
S+P 500 has has completed two sharp measured down waves from the all time high of SPX 2940 .
Both moves have measured 140 points
The first from 2940 to 2800 and now the second down to 2660 area,where it closed on 10/26/17
Believing that 'impulse" sharp waves down complete themselves in 3,
that opens the possibility of a third wave down from 2660 area of an additional 140 points.,
before the first major leg down from all time high reaches it's first initial destination.
Target would be SPX 2520 just below this years low, of 2532.
I am not one to believe in Elliot Wave analysis,...although Robert Prechter's work is the major exception
and there are a couple exceptionally gifted writers on this site whose work I do respect)
The myriad of constantly changing wave counts and interpretations
that are often drawn subjectively in nature,from the work of RN Elliot can often bend to suit,
but I do strongly believe in measured move wave counts of 3.
Major Support at SPX 2628,
which was precisely tested on 10/26/18 and held, at the very critical 2016-2018 Monthly Support Trend Line
will need to be violated first,... before a move down to 2520 can begin in earnest.
THE_UNWIND
10/27/18 11 PM NEW YORK
Both moves have measured 140 points
The first from 2940 to 2800 and now the second down to 2660 area,where it closed on 10/26/17
Believing that 'impulse" sharp waves down complete themselves in 3,
that opens the possibility of a third wave down from 2660 area of an additional 140 points.,
before the first major leg down from all time high reaches it's first initial destination.
Target would be SPX 2520 just below this years low, of 2532.
I am not one to believe in Elliot Wave analysis,...although Robert Prechter's work is the major exception
and there are a couple exceptionally gifted writers on this site whose work I do respect)
The myriad of constantly changing wave counts and interpretations
that are often drawn subjectively in nature,from the work of RN Elliot can often bend to suit,
but I do strongly believe in measured move wave counts of 3.
Major Support at SPX 2628,
which was precisely tested on 10/26/18 and held, at the very critical 2016-2018 Monthly Support Trend Line
will need to be violated first,... before a move down to 2520 can begin in earnest.
THE_UNWIND
10/27/18 11 PM NEW YORK