S&P 500 - Long Term (Weekly) - Wave count
I've been tracking this wave count for a wile. Starting from the low in 09 (The financial crisis low) till now the S&P looks to have completed an Elliot 5 wave move. The end of this long term 5th wave was @2490.9 This also ended a medium term 5 wave move that started in the beginning of 2016 and was within the long term 5th wave.
I believe 2490.9 just short of 2500 will be the high of the year (This of course saying we don't get tax reform and repatriation from the US administration) We should see volatility increase and from here see a correction of sorts. This correction could last going into next year.
Long term levels that I will be watching:
Note: If the SPX breaks through 2490.9 (This years highs) then this wave count is wrong and will have to adjust.
I believe 2490.9 just short of 2500 will be the high of the year (This of course saying we don't get tax reform and repatriation from the US administration) We should see volatility increase and from here see a correction of sorts. This correction could last going into next year.
Long term levels that I will be watching:
- 2490.9 This years highs
- 2330 Key level to watch for support with a dipper correction. Note, This would only be a 6 1/2% correction from the high.
- Below that a move back to the lower trend line that encompasses the whole 9 year move.
Note: If the SPX breaks through 2490.9 (This years highs) then this wave count is wrong and will have to adjust.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.