SP500 target 2920-2940, then correction, then Santa Claus
Updated
Triangle wave IV recently completed and current leading diagonal primary wave 1 nearing completion. The diagonal should have 3-3-3-3-3 structure, and it appears to be about to finish the last leg this week or next; maybe right after Labor Day. Primary wave 2 could be a significant correction, setting up a nice Santa Claus rally in November. We'll see.
Cheers -
Cheers -
Note
getting really close...Note
Wow!Note
Hard to tinker with such a nice call because I'll probably just get it wrong, but based on the current structure, my downside target is 2706 to 2687. This could change, and I will adjust, but as of right now that's my view. Anticipation of the U.S. mid-term elections in 3 weeks will probably have at least some impact. Anything can happen of course, but it's hard to imagine a strong rally before then. If it falls below 2591.25, the overall idea of a leading diagonal wave 1 with wave 2 correction is invalidated, and I would expect further downside. Cheers - Note
Did not expect such a big rally in wave 4 a few days ago, but that was a pretty bullish sign, and then price came within 5.25 points of the downside target (2692.25 vs. 2687) this morning and has rallied over 40 points from there in 5 waves on the lower time frame. Awesome!
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