If this count count is correct, we should see a reversal in the next few sessions and definitely not go below 2800.
A sharp move up above 2990 would be a good indication that we'll go higher one more time !
If price continues to go lower though, especially below 2800, then we need to consider that we might just have started a bearish trend.
For those not knowing the Elliott Wave Principle.
Triangles patterns such as this precede the last move of a trend, after which we see a reversal !
This means, if this count is correct, we should see one more push higher towards maybe 3300 after which we should see a big sell off
erasing most of the gains since the December 2018 low!
Sidenote, the FED has been injecting a lot of money in the market lately and will continue doing so some more.
We're seeing a slow down in the Economy all over the world but it's not yet to the point where it's alarming.
We have had a 10year bull run here, so, a small pullback (not a big correctionà) is nothing anormal right now.
Also, overall, I think we'll see price just go sideways until around mid 2020 (if not some more)
between December's 2018 low, 2300 and around 3300.
A sharp move up above 2990 would be a good indication that we'll go higher one more time !
If price continues to go lower though, especially below 2800, then we need to consider that we might just have started a bearish trend.
For those not knowing the Elliott Wave Principle.
Triangles patterns such as this precede the last move of a trend, after which we see a reversal !
This means, if this count is correct, we should see one more push higher towards maybe 3300 after which we should see a big sell off
erasing most of the gains since the December 2018 low!
Sidenote, the FED has been injecting a lot of money in the market lately and will continue doing so some more.
We're seeing a slow down in the Economy all over the world but it's not yet to the point where it's alarming.
We have had a 10year bull run here, so, a small pullback (not a big correctionà) is nothing anormal right now.
Also, overall, I think we'll see price just go sideways until around mid 2020 (if not some more)
between December's 2018 low, 2300 and around 3300.
Note
1hour chart - We could be in a 3 waves move here for that wave E.Notice that last few times, when we got a sharp move down like this potential wave C, price started and retraced it all back in just a few days.
Note
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Note
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This is starting to look good now.We are seeing a retracement of the down move due to Non Manufacturing PMI which came lower than expected and getting back up to the daily range.
Note
We went higher as expected. We have 3 waves in for now and if price does not go below 2910, chances are good we'll see a new push higher for wave 5 making this a first important sign of a bullish trend.
Note
Note
We got 5 waves in here and now we seem to be in a 3 wave correction. Potential support is around the Fib retracement levels. Ideally I would like to see a deep retracement down to the 61.8% retracement level but we could see support emerge around 2920 also.
Note
Should find support now but question is if this is wave C or wave 3 ?! Depending on how price will go up next, we'll have our answer. Note
(previous chart was shared with the Telegram group yesterday)Note
Price found support at previous red wave ((ii)) as expected. Now we're seeing a potential 5 waves rise which could be subwave ((i)) of higher degree wave 3.Note
Price rallied after going down to 2880.We might now be in wave (1) and (2) of larger degree 3 and so could see a pullback around 2950 - 2935 before going higher.
If price goes 2880, the chance the bears will take over rise but ultimately if we remain above 2820, bulls should remain in control.
Note
S&P500 - Came also lower as expected but didn't yet touch any of the FIb levels. Nonetheless we could start a rally from current levels as we saw a bounce from this red support zone. Note
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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.