Why SPX is bullish short term
Updated
Elliot ending parallel with wave 2 and wave 4 drawn support line.
This channel top trendline is marking the end of 12 bullish years in the market. As the wave 2 of five was a throw-under of the trendline the market now need to retrace back into the channel quick.
The resistance i 4450 is heavy. Low volume will offen mean that upper trendline is not touch and hallo BEAR market. But in periodes of low volatility the market can move big time so a push up to a throw-over can happen. Summertime and drained trades combined with falling volume is toxic combo - so expect larges moves in short time frame.
But toppish 4450-4600 area and retrace to under 2000 with in one year
This channel top trendline is marking the end of 12 bullish years in the market. As the wave 2 of five was a throw-under of the trendline the market now need to retrace back into the channel quick.
The resistance i 4450 is heavy. Low volume will offen mean that upper trendline is not touch and hallo BEAR market. But in periodes of low volatility the market can move big time so a push up to a throw-over can happen. Summertime and drained trades combined with falling volume is toxic combo - so expect larges moves in short time frame.
But toppish 4450-4600 area and retrace to under 2000 with in one year
Note
Note
Note
latest update = in wave 3 of last five waves we are in sub wave 4 now. Expect a deeper retrace and then sub wave 5 up to around 4400-4450 ish for finish the 3 wave. Wave 4 will be sideways action and when shorts build up then the over-throw will accur.
Note
Looking bullish and 4345 looks like a slingshot area to the upside for a minute wave 3 top in around 4450. Eyes on this play now.Note
Epic day and Elliott patterns all over. Very nice. Next week is bullish
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.