S&P 500 - Don't buy into the FOMO - Correction is coming
Updated
Okay, been hard at work on my Elliott Wave analysis. I keep getting it slightly wrong. It is very hard to pick out the patterns with all of the noise. I made another large mistake last time! We are on Wave 5 now not Wave 4. We are on the last leg of Wave 5 and getting ready to go into correction. There is a slim potential for a little more upside, but this thing is about to come crashing down if my wave analysis is correct. I am on the sidelines for now.
Thoughts?
Thoughts?
Note
I saw the drop starts around 11:30. If not, then wave 5 will be longer in time than wave 3. I believe that is not allowed.Note
I meant to say I see (estimate) that it will start around 11:30. Have to wait and see.Note
It just keeps going on low volume. Maybe 3150 by the end of the day, then a correction?Note
Peaked exactly at 11:30 a little higher at 3120. If the trend matches with past tops, then the drop should start around 3:00. I would not be surprised to see a retest of 3120 before the drop starts. It is a reoccurring pattern to see a double top then the drop.Note
One thing to note. It is possible that this is not the end of wave 5 and is instead the end of wave 3. If so, then there is one more leg up after a small correction. The next leg up would end around 3180. I bring up this possibility because the height of wave 3 does not seem to be tall enough to meet the Elliott wave criteria. That leads me to believe that today could actually be the end of the wave 3 not 5.
Note
I give up. Its 3:30 and it is moving up towards 3130. Either I suck at Elliot Wave analysis or this irrational exuberance is unstoppable. No significant pullbacks at all during this 2 week long motive wave, just little dips. I am all out of ideas. Where did all the sellers go?
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