My Elliottwave analysis of the S&P 500 indicates that we might be finishing up wave (b) of an expanded flat that will complete wave 4.
I have come to this analysis because of what looks like a triangle formation in the middle of this latest rally, which indicates a corrective (b) wave.
If correct, a strong selloff is coming imminently.
(a) could be
(b) also could be a running flat, where c down does not make a lower low
(c) also could be that the "a" up could be an impulse wave 1 meaning your wave [a] was a wave 4 in one higher cycle
for the longest time, I was in camp (a) and (b) but now I'm more bullish than "this is just a corrective b wave". That said we need a pullback regardless. When we get one, I'll be looking for a bounce at 3080 - 3020. If we continue lower then I'll get back in that (a) and (b) camp otherwise since the Feds are meddling... there's no point in fighting them.
Lastly if in fact this is all impulse from the December 2018 low, then we're in like a wave 3 of wave 3 of the higher cycle wave 5. Which means there's a wave 4 and wave 5 of wave 3, followed by a wave 4, then a wave 5 of the higher cycle 5. That would likely take us all the way through 2020 in a bullish demeanor.
Trade safe.
BenjiMiller
⋅
@VelvetHammersTrading, I was mistaken in my terminology. I did mean to say that we're more likely in a RUNNING flat, rather than an expanded flat. That being said, if you believe that there's a triangle there between April and October of 2019, then this latest move since October 10 is a wave c (corrective).
BobbySpa
⋅
If it isn’t imminently then it is shortly. These are publicly trading companies for crying out loud. There isn’t a new paradigm. No such thing as multiple expansion of except in bubbles. Haven’t seen any gold analysis Benji? Curious about your thoughts.