Hello fellow traders. In this technical blog we’re going to take a quick look at the past Elliott Wave charts of S&P 500 Index (SPX) published in members area of www.elliottwave-forecast.com. As our members know, we were kept saying that SPX is having incomplete bullish sequences in the 1 Hour cycle as shown in Sequence Report. Consequently , we advised our members to avoid selling the index and keep on buying the dips in the sequences of 3,7,or 11 swings whenever there was an opportunity to do so.
Let’s take a look at the previous short term Elliott Wave forecasts.
S&P 500 Index (SPX ) 1 hour Weekend update 12.30.2017
As we can see on the charts bellow, wave 2 pull back is in progress. We have labeled inner structure of pull back as ((a))((b))((c)) when ((b)) has ended as triangle consolidation. Currently the price is doing wave ((c)) leg lower . Index is showing incomplete structure from the peak , so it can see more short term weakness toward 2672.33-2660.3 . At that area buyers should appear for further rally ideally or 3 wave bounce at least. Although we expect SPX to trade lower in short term, we don’t recommend selling it against the main bullish trend. Invalidation for the long trades is break below 1.618 Fibonacci extension : 2660.38 level.
S&P 500 Index (SPX ) 1 hour Weekend update 12.30.2017
We got proposed leg lower toward our reversal area : 2672.33-2660.3 ( buying zone) . SPX found buyers there and resumed trading higher as expected, making new all-time high on 3th January .Keep in mind market is very dinamic and short term view could have ended in meantime. If you’re interested in new Elliott Wave forecasts of SPX and trading setups you can find them in the membership area of EWF.
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