(Opinion Only - Not Advice)
As the SPX500 sets an all-time high it is a great time for reflection. This year has been transformative and a new chapter is underway. What has your experience been in 2021 as the Bull Market as charged forward? What opportunities are you excited for as we move into the last two months of the year? Here is to the beginning of the "Roaring 20's".
S&P has made new All Time Highs (ATH) since my analysis at the start of the month, where the diverging 1D RSI gave a strong buy signal at the bottom of the multi-month Channel Up: As you see the signal worked out well and the index has now the 1.5 Fibonacci extension as its next target (followed by the 2.0 Fib ext ultimately just above 4800). As the Fed Rate...
We have very clear 5 waves either of C bearish (not favored) or of W3 impulse (favored). or we can get another extension along the way, we only have reached 1.6 fibs ration W3 to W1.
Everything absolute, we could have another 5 waves down. This is only if you are bearish. Bullish guys have already a trough in place. FOMC's meeting could/might be a probable cause to go either way.
This is simple motive Leading diagonal one count out of many, invalidation is close by. If this count is even remotely possible we shall have 10 % break out up at minimum !!!
We have just passed 2.61 Fibs of 1 or A, this is more impulsive wave.
Even though wave B of 3-3-5 Flat did only reach .78 Fibs of wave A. We need to reach at least 90 % of wave A according to Frost & Prechter's book " Elliott wave principle"
Yesterday market tested ATH and could not breach. Currently, market is testing yesterday's Open which could provide direction for the day. Level to watch 4570 --- 4568 Reports to watch: US:Chicago PMI 9:45 AM ET US:Consumer Sentiment 10:00 AM ET
Triangle Rules: CT = Contracting Triangle, ET = Expanding Triangle A Triangle is a common 5 Wave pattern labeled A-B-C-D-E that moves counter-trend and is corrective in nature. Triangles move within two channel lines drawn from Waves A to C, and from Waves B to D. A Triangle is either Contracting or Expanding depending on whether the channel lines are converging...
101 Elliott, W3 is usually related to W1 in Fibs ratio . 1.6 is the first which we are kind off close by its just above ATH, then pullback in W4 then W5. Or we can get extended here in W3 even further than 3.23 fibs. Picking tops & trading them is a "Losing Game" according to statistic !!!
Consider at this point in the thrust of future history. What is one of the most unlikely outcomes most would expect. Behold We take out the all time high.. Alpha Centauri is the Limit SP:SPX
Expect we will reach lower from the ATH - First step could be 3,70 % the cumming week. But stay safe, we´re running the Q3 Could be a db top or IHS What do you think?
Summary: Optimism from positive earnings reports sent the Nasdaq and S&P 500 to a new record close today. However, evening earnings reports from Apple and Amazon may squash some of that optimism. Notes Ideas always welcome in the comments. Errors will be amended as comments on TradingView or corrected inline in my blog. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- ...
SPY has a target of 530$. I'm not all for guessing tops of markets or crashes as it is unethical to even try and time. I'm creating this post for my future self to look back and reflect on. LVLS look strong and this is what we're working with though with a clean breakout above 450's. Possible another 30+% coming for SPY in the next year before possible...
Hello traders and investors! The SPX did a Bear Trap as we thought, but is there any chance that it’ll drop from here? Let’s see. In the daily chart, it did trigger the Shooting Star candlestick pattern it did this Tuesday, but as we mentioned, since it lacked bearish structures, the odds were that it was a Bear Trap. What’s more, since we already had a support...
After late sell off yesterday, market is testing Fibonacci 50% level this morning. Any test of Fibonacci level could provide direction for the day. Level to watch 4558 --- 4556 Reports to watch: US:Pending Home Sales Index 10:00 AM ET US: EIA Natural Gas Report 10:30 AM ET
ATTN: TRADERS, OCTOBER 26, 2021 IS THE FINAL ATH TO THE EXACT DAY FOR ALL U.S. INDEXES. EXIT ALL LONG POSITIONS. THANK YOU, BEST REGARDS, DARREN LALL