SPX : Selling from current level possible (Elliott Wave)

NeeravYadav Premium Updated   
FX:SPX500   S&P 500 Index
So far SPX has moved up in accordance with the last video update. From this 4 hour chart it seems that the Impulsive move that started near 2689 is about complete, a break below the W.4 low marked level at 2892 will act as confirmation or sell trigger level from where we can see downside till the Target level of 2828, if selling continues then further downside till the white support zone of 2800 to 2775 can be seen.
Comment: 5 minute chart : Expected Bearish progression :
Comment: SPX : 15 min. : Strong fall suggesting W.iii underway, SL reduced to W.ii/b high :
Comment: SPX : 15 min. :
Comment: SPX : 15 min. : Possible Ending Diagonal for W.(5) :
Comment: Hypo 2 : Suggesting that a Complex Correction is continuing with the current price in W.x/b either complete or continuing as a Triangle :
Comment: Hypo 1 : SPX :
Comment: Hypo 2 : 15min. update :
Comment: Hypo 1 : 15 min. update : Both Hypo 2 and 1 were pointing down and the market has been following the same, the agreed minimum downside target is 2885.5 as per both Hypos :
Comment: SPX : 15 min. : Looks like the Hypo 1 is being followed, currently in W.(3) :
Comment: SPX : 15 min. : Hypo 1 : Expected progression :
Comment: SPX : Hypo 2 : Tmin. achieved W.4 complete, hence sideways to bearish movement, going below last low is required to confirm Hypo 1 :
Comment: SPX : 15 min. : Hypo 2 :
Comment: SPX : Hypo 1 : The structure from 2915 looks corrective suggesting that Hypo 2 might be the one being followed or that the move down is some sort of Leading Diagonal, shorts should maintain positions with strict SL as per their money management, technical SL above 2910 :
Comment: SPX : 15 min. : Hypo 1 : More downside remains for the completion of W.iii/c :
Hypo 2 : 1H : Triple Zig Zag for W.4 down : If we see sideways move here then that would signify Hypo 2, whereas straight down from current level means Hypo 1 is the scenario, overall more downside is expected.
Comment: SPX : Hypo 2 : Updated : Hypo 1 : Updated :
Comment: SPX : Hypo 2 : 15 min. : The Triple Zig Zag correction looks almost complete : Hypo 1 : 15 min. : Moving in W.(3) of W.iii down, Target 1 already achieved, SL should be moved lower :
Comment: SPX : Hypo 1 : 15 min. : Expect a sharp spike down from here if this is the Hypo playing out, if not then bias remains towards Hypo 2 :
Comment: SPX : Hypo 1 : 15 min. : Expect a sharp spike down from here if this is the Hypo playing out, if not then bias remains towards Hypo 2 :
Comment: SPX : 15 Min. : Hypo 1 : No change : Hypo 2 : About to achieve T1 :
Comment: SPX : Hypo 3 : Triple Zig Zag Continuation :
Comment: SPX : Hypo 2 : Price Action is too corrective and seems like the Triple Zig Zag is complete already, shorts should book atleast partial profits here if not all and wait for further clarity :
Comment: SPX : 1H : Hypo 3 : Unclear if W.x is complete or continuing, wait and watch for now :
Comment: Hypo 4 : Leading Diagonal case looks to be the one being followed : Currently seems to be in W.C of W.(Y) of this corrective up move :
Comment: SPX : 15 min. : Looks like we have an Expanding Leading Diagonal for W.(1) :
Comment: SPX : 15 min. : So far as Expected :
Comment: SPX : 15 min. : The structure has too many overlaps and looks more like a corrective sideways continuation then a downward move, in case Hypo 4 is being followed we need to see a strong move down closing lower then 2877 :
Comment: SPX : 1H : Short setup Invalidated : Looks like a corrective W.4 or W .2 continuation which will lead to higher prices once the correction is complete, since the formation is complex it is best to wait and watch for now until things become a bit clearer :
Comment: SPX : 15 min. Expected progression :
Comment: SPX : 15 min. : The last leg down seems to be in only three waves and hence arises the possibility that this whole thing might be corrective.
Considering this new probability visible as Hypo 1 keep strict stops at 2931.9 :
Comment: SPX : Updated Count : 4H : Last count reached Stop level, however the situation looks much clearer now.
H1 : If this market goes above 2942 then that would mean that W.v of W.iii) is continuing as an Ending Diagonal.

H2 : On the other hand if we see a break below the Cyan channel straight from here then that would mean that we are in a W.iv) Flat type of correction.

In case of H1, we will look for the Ending Diagonal to complete and then go short, in case of H2 the best strategy would be to wait for the completion of W.iv) and then go long for W.v) :

Unmatched 80% plus forecast accuracy for 6 years :

Video Course :

Author : Think with the Markets

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.