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SPX Elliott Wave Count: Expect Selling Early This Week

ByAlexandros Yfantis
Published 03/10/2013, 11:37 PM
Updated 07/09/2023, 06:31 AM
III
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III
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III
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S&P made a new high on Friday, reaching our initial target as mentioned in our members newsletter update.

S&P Update
It is most probable now that S&P has finished wave (iii) blue and is ready to start the week with some profit taking. The rally is in its final stages and some selling could be expected early this week. Prices could decline towards 1540 testing the blue upward sloping trend line. A decline below that short-term support could put in danger our entire wave count and the upward trend that was re energised at 1485.
SPX - 1
Of course the line in the sand is the start of the latest rally, wave 4 low and 1485. Prices breaking that level will confirm the end of the entire upward move that trades inside the red channel, and prices are expected to pull back correctively towards the 50% and 61.8% retracement. All this info are just for bulls to be cautious and know what to expect next. A sharp decline should not come as a surprise despite recent all time highs in Dow or new highs that we might soon see in S&P.
SPX - 2
For more help trading this index, don’t hesitate to contact us. As always, thank you for taking the time to catch up on my thinking.

Disclosure: None of the information or opinions expressed in this blog constitutes a solicitation for the purchase or sale of any security or other instrument. Nothing in this article constitutes investment advice and any recommendations that may be contained herein have not been based upon a consideration of the investment objectives, financial situation or particular needs of any specific recipient. Any purchase or sale activity in any securities or other instrument should be based upon your own analysis and conclusions.

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