The cash S&P500 made high exactly in the area of resistance mentioned in my last post. Accompanying that high was yet another Negative Reversal. The calculations show that the minimum target is 1438.35, indicating a retest of the recent low.
At this point I am counting the move up into Wednesday's high as wave "a". I won't be surprised if the current decline turns out to be the "b" wave in an Elliott Expanded Flat pattern. This interpretation, if correct, would imply a successful retest (even if we do get a slightly lower low) followed by another sharp leg higher before the bear trend continues.
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