SPX Index made a new high above 12/29 peak which opens another extension higher from 10/15 low. Move up from 2080 low is also taking the form of a (( w )) – (( x )) – (( y )) Elliott wave structure when Index is ending the 5th swing. Area between 2098 – 2111 can produce a 3 wave pull back before it turns higher again toward 2133 – 2155 to complete a cycle from 2080 low. We don’t like selling the Index & expect wave (x) pull back to find buyers in 3, 7 or 11 swings as far as pivot at 2042 low remains intact.
We do Elliott Wave Analysis of 26 instruments in 4 time frames (Weekly, Daily, 4 Hour and 1 Hour) with 1 hour charts updated 4 times a day so clients are always in loop for the next move. Please feel free to come visit around the website and click Here to Start your Free 14 day Trial (No commitments, Cancel Anytime)