Elliott Wave Analysis of SPX

Fridays breakdown is more reminiscent of a 3rd of 3rd wave of an impulse wave. So whilst its below 2695, then I favor further weakness as part of a developing 5 wave decline from the March highs (2801). Barring a strong reversal above 2695, further weakness is favored, although a small bounce is due soon and could come as early as Monday for a small 4th wave of the larger wave [iii].

The debate is still out as to whether a major top is in place at the Jan 2018 highs. All I can suggest is if many US stocks only show a 3 wave decline from their respective 2018 peaks, then it is still a potential bullish setup once this current decline from the March 2018 high is complete. Anything more than a large 3 wave decline from the Jan 2018 high, would be a major warning that something far more bearish is underway and the trend for the Feb 2016 has likely completed.

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The content of this website is for educational purposes only, the information supplied shall not be construed as a recommendation to buy or sell any security or financial instrument. Wavepatterntraders will not be held responsible for any losses occurring from the information provided within the website. The information expressed within the website is solely the opinion of the author/owner. Wavepatterntraders are not registered investment advisers. Members are strongly urged to consult an investment consultant before making any financial decisions or investments.

Futures trading in stocks, Forex and commodity markets carries a high level of risk and past results are not indicative of future performance, trading may not be suitable for everyone. Information supplied maybe copied or reproduced with the permission from the owner, providing that the full attribution is given to the original source and have the acknowledgment of wavepatterntraders.com or its owner.

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