In several of my recent posts I've noted that there have been several alternate counts for the SPX. For the last few weeks since June 28th the rally has been steady and looks impulsive. I believe an Elliott wave Horizontal Triangle may have ended on 6/28/18 at SPX 2691.99. If so the SPX is now in a post triangle trust up which is common after completion of a Horizontal Triangle. Normally the widest part of a triangle when added to the triangles completion point will be able to target the post triangle trust termination point. In this case the widest part of the January to June triangle is 340.18 points added to the completion point of the triangle at 2691.99 targets SPX 3032.17. This is very close to the long term major Fib coordinate at 3047 which I've mention several times since January of 2018.
This week the SPX could rally 80 points with possibly a major top somewhere in the area of 3025 to 3060 during the second week of September.
Also watch the RUT which made it into the major resistance zone mentioned in my previous post. If this index stops in the resistance zone and the SPX continues higher it could be a big clue that a major top is forming.
Bears, please be patient your bull fighting days may soon be over. There's no bonus prize for catching the top tick. Most downside profits usually come after conformation of a top. To be profitable in any market you must trade with the primary trend.
Mark
PS for some reason my entire SPX chart did not post - by moving the chart to the right you can see the entire wave count.
Thanks Mark! Been thinking about taking a long just to see. I agree the bull run is not yet over and what looked to me like a shallow 4th wave pullback apparently ended Friday.
I believe we have a (5)(V)(v) running and if so, it will go ballistic coming off the end of week bearishness just concluded. Bearish sentiment so high now it must go higher! LOL
Daily Close Only ES Chart shows a 21.75 point Gap
between 8/24 Settle at 2876.75,, and the 8/27 Settle of 2898.50
Strong, Powerful Bullish breakout move above the old highs last week.
ES Futures for 9/4 have gapped up, but have now have reversed and are negative
creating what looks to be a potential right Shoulder on Bearish Head + Shoulder's Pattern. It's early
.
30 Minute Chart on ES Futures continues to look downright scary, a broadening top pattern clearly being constructed.
Bullish Sentiment continues to be high across the board,
so a downside reversal back towards 2882.50 cannot be ruled out here, to shake out weak handed LONGS.... first.
@The_Unwind, Yes I been looking at same pattern on 10d chart looks like ESFuts making H&S on the right shoulder 9/3->4.
Not sure I want to take any position just yet. I don't trust it for an inch now.