SPX'S Futures' Elliott . Clear 5 impulsive waves !

Updated

Wave 2 usually takes a small amount of time compared to Wave 1. However, Wave 2 is usually takes more than 10% of the time taken by Wave 1.
Wave 2 generally retraces more than 30% of Wave 1 including internal data points.
Wave 2 will usually retraces less than 80% of Wave 1 .
The most likely retracement for Wave 2 is 50% or 61.8% of Wave 1.

Note

Probable W 2 in progress, we need to see the structure of this !

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Probable W 2 ended as a flat or about to end as flat, just one probability out there. If so, we are about to see a bullish move in W 3 strong. Hard to make a choice when FOMC is about to start tomorrow everything could change rapidly here in the next 48 hours or so .

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eloquent has a better looking count here (look down) . He has this as wave 4 of Flat. Looks like our yesterday's move is impulsive. Therefore, if we go up then it must be eloquent count is the correct one and we go up for wave 5 of w1 & if we go up for my count then my count is still also correct but this would be flat of Wave 2 of w5 !. Both counts suggest another bullish leg. The alternative is this is B of Flat we still in a corrective move C still in progress , ES is not supporting a flat but SPX is still in no man's land to say the least !

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Still this looks acceptable so far

samitrading

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