AbhishekHSinghCMT
Short

SPX- S&P 500- How far S&P 500 can go?

TVC:SPX   S&P 500 Index
705 views
16
705 18
Monthly chart
From 2009 lows of 667 -it has rallied in a parabolic fashion to current highs of 2277 which can be counted as near to 5-waves in blue color on Monthly chart.

Daily Chart
Since 1810 lows in Feb2016- all waves overlap, giving an impression of wedge structure - an ending diagonal .

4H chart
Trendline passing through 1- 3 wave has holded as if now & can act as resistance for short term.

Short Term Trading Strategy
Keeping resistance intact from trendline passing through 1-3 wave - we can expect some correction going into zone 2187-2200 in coming days.

Long Term Trading Strategy
Once trendline passing through 2-4 wave in daily chart gets breached downside & possibly it starts moving below 2080 -that will be indicate that SP500 has put the top- in that case setback can be seen going into 2017.

Trade active: 18:20 Hrs 22nd Dec2016

Last Price@2265

Prices had a sharp fall till 2248 on a Fed Day - post that session-it is moving sideways so kindly avoid taking sell positions till Fed Day@2248 is broken & it sustains down or wait for a new high to take sell positions- Which I shall update here.
Best Regards,
Abhishek H. Singh, CMT
​Growth Director - India
http://in.tradingview.com
| LinkedIn
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ
Sir, the mkt is going much higher yet. On your daily chart where you have the purple 1-2-3-4, I believe the correct labeling is 1-2, 1-2. Noting your purple wave 4 is overlapping the top of wave 1 which is incorrect EW counting. We are in a wave 3 now, 2380 is one target over the long term. Then Wave 4, then 5 yet to new highs yet.
Reply
@JohnKer, Don't know its correct or wrong-That's my side of labels. You can also be correct. Only Markets has right to correct or wrong someone.
Reply
JohnKer AbhishekHSinghCMT
@AbhishekHSinghCMT, I'm talking about the rules of Elliott Wave, I've been doing this for 26 years now. The rule is "Wave 4 cannot overlap wave 1, except in diagonal triangles and sometimes in wave 1 or A waves, but never in a third wave. In most cases there should not be an overlap between wave 1 and A". Your labeling shows wave 4 overlapping wave 1 and we are not in a diagonal triangle, is my point.
Reply
@JohnKer, That's what I said -its a wedge - Ending Diagonal so wave -4 overlaps for me -if goes above 2290 that is when this structure gets invalidated & by the way I have mentioned clearly above that its an ending diagonal from my point of view
Reply
Dear Abhishek, I'm short on S&P as of today and agree with your monthly EW count. But if wave 5 were to achieve equality with wave 1, then wave 5 will end around 2365? Do you think this could happen going into the year end? Thanks
Reply
@sanjivt, That could be a possibility, making a new in that case I will have to modify the count & it won't be a wedge structure any more if it goes above 2300- At present, it looks some pullback- let us see where it gets support or it breaks 2080.
Reply
And what if we exceed 2277 $spx or the shown channel - will change your EW count? $spx is targeting 2298-2314 $spx by year end in my humble opinion.
Reply
AbhishekHSinghCMT Smartpredictor
@Smartpredictor, Yes, in that case structure invalidates & shall be no more valid
Reply
Smartpredictor Smartpredictor
@AbhishekHSinghCMT Abhishek so 2277 is busted as of today. Thoughts?
Reply
AbhishekHSinghCMT Smartpredictor
@Smartpredictor, it's running late in upside move & I really don't want to take risk as we all know markets fall on euphoria & I am getting a sense of euphoria. I will just say be careful.
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Help Center Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing TradingView Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out