Κυριακή, 21 Αυγούστου 2016

S&P500: Weekend Analysis from ElliottWaveTrader

Author: Avi
A Market Refusing to Pull Back
S&P500, 60MinChart
1turnchart
For weeks now, I have been awaiting the equity market to provide us with a pullback.  For weeks, I have been expecting that the standard patterns were going to take shape on our way to 2500 in the SPX.  Yet, the market has had other ideas.

I know I have said this many times before over the last several weeks, but my preference has been to see a standard pullback to set up the run to 2500SPX.  That pullback normally takes the shape of the green wave ii count outlined on our 60 minute chart.  Moreover, many matrices we watch, from the standard ones followed by most of the market, along with a number of proprietary ones which are featured at Elliottwavetrader.net, suggest that we “should” be seeing that standard pullback.  However, if the market is unable to break support, then there will be no pull back of which to speak.
In fact, over the past week, the market has not only refused to pull back below our “blue count support” box, it dropped to touch the top of the box, and then develop another impulsive structure off that level.  Moreover, should the market be unable to break below the low we struck on Thursday (2168) early in the coming week, we now have a structure in place to take us up to test our “resistance” region, and even break through it.  And, as I have noted time and again, a break out through that resistance region, with follow through over 2212, strongly suggests that the market is taking the direct route to the 2350SPX region without any further significant pullbacks to be seen.
LONGTERMSPX

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