Could Near-Term S&P 500 Bottom Be In?
The S&P 500 Index dropped as projected in my August 29, 2018 article. However, the full projected drop has not been achieved. This could be okay, because the projection did not have the bottom occurring until the day after Labor Day, September 4, 2018. The movement over the previous two days has been interesting and my original analysis has reached a fork in the road. My newest article explores where the index is likely to travel on September 4, 2018. As well as analysis for upward and downward movement. The chart above details if minute wave 4 had been completed.
The chart below details if my original projection is still a possibility
There are a few reasons this is the most likely path. During the course of intermediate wave 3 which began at the end of June 2018, minuette waves have had a particular duration. The second path (the over-arching chart at the top) has minuette wave C completed in the shortest duration, 60 minutes. Also, minuette wave C is the only wave that failed to meet the prior minimum and median duration. To be fair, a new minimum is not unheard of, but its length compared to the other waves is troubling. Lastly, wave C cannot be shorter than waves A or E. This has occurred per path two’s wave analysis. While these are all reasons the correction and short-term bottom has not occurred, the latter reason is the most telling.
The full analysis is available at ElliottWaveIdeas.com
No matter what, the market will begin another tick up this week and month before the next correction arrives at the end of the month.
The chart below details if my original projection is still a possibility
There are a few reasons this is the most likely path. During the course of intermediate wave 3 which began at the end of June 2018, minuette waves have had a particular duration. The second path (the over-arching chart at the top) has minuette wave C completed in the shortest duration, 60 minutes. Also, minuette wave C is the only wave that failed to meet the prior minimum and median duration. To be fair, a new minimum is not unheard of, but its length compared to the other waves is troubling. Lastly, wave C cannot be shorter than waves A or E. This has occurred per path two’s wave analysis. While these are all reasons the correction and short-term bottom has not occurred, the latter reason is the most telling.
The full analysis is available at ElliottWaveIdeas.com
No matter what, the market will begin another tick up this week and month before the next correction arrives at the end of the month.
All forecasts are based on analysis of past behavior. Prior movements are not always indicative of future movement. Develop the theory, test the theory. Do your own research. Nothing in this analysis constitutes advice. YouTube For More. Good luck!!
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