Hello fellow Traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of $SPXpublished in members area of the website. Another trading opportunity we have had lately is long trade in $SPX. As our members and followers already know, the right side in $SPX is long side. Recently we got new All-time high and the index is showing incomplete bullish sequence. Consequently, we advised our members to avoid selling it and keep on buying the dips in the sequences of 3,7,or 11 swings whenever get chance.
$SPX 1 Hour Elliott Wave Analysis 9.5.2018
Current cycle analysis suggests SPX is bullish against the 2801.32 low in first degree. SPX is correcting the cycle from that low. Pull back is showing incomplete sequence from the peak. As far as the price stays below (x) blue peak, structure is missing a swing toward 2866.71-2847.05 area ideally. Although we expect another swing down, we don’t recommend selling the index against the main bullish trend. Strategy is waiting for price to reach proposed buying zone at 2866.71-2847.05 before entering the long trades. As the main trend is bullish, we expect to see reaction in 3 waves up from the blue box at least. As soon as the bounce reaches 50 fibs against the (c) blue high, we will make long positions risk free and let the profit run.
$SPX 1 Hour Elliott Wave Analysis 9.5.2018
SPX has given us last swing down toward our buying zone 2866.71-2847.05 . Buyers have appeared shortly after and we got turn higher. As a result members who took long trades are now enjoing profits with risk free positions. SPX is keep trading higher and at this stage we favor buying the dips in 3,7,11 swings whenever there is a chance.
Note: Market is dynamic and presented view could have changed in the mean time. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room.
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