SPX Elliott Analysis
Yellow is Still primary count, CYAN Secondary. Market is in an area of Elliott structure where it is not very efficient use of ones time to count it ... ALL will be clearer in 2-3days , supply will slow any upward rise, letting things sort themselves out in the next season or two.
My personal plan is to trade the YELLOW path, but If CYAN path prevails will either end remaining short positions at the next pullback or cost average them once we are above 4,000.
There are MANY many reason for the YELLOW primary count, and currently holding 30% of our short positions and looking to reload on the short side. BUT.
I have introduced the CYAN count because we should always be prepared for an alternative :
1. The Banks look like they will need more upside to complete their structures (maybe 3 days maybe longer)
2. The German index is forming a potentially bullish structure (break out retest ...so on... looks bullish but needs a long awaited correction)
3. SPLV forming what could be an obvious 5 wave impulse to the upside
4. Bulls never did reach our 4,000 target, and the market may still move higher to achieve that goal
I think the price waves do tell the story, as far a news goes this week is loaded.
My personal plan is to trade the YELLOW path, but If CYAN path prevails will either end remaining short positions at the next pullback or cost average them once we are above 4,000.
There are MANY many reason for the YELLOW primary count, and currently holding 30% of our short positions and looking to reload on the short side. BUT.
I have introduced the CYAN count because we should always be prepared for an alternative :
1. The Banks look like they will need more upside to complete their structures (maybe 3 days maybe longer)
2. The German index is forming a potentially bullish structure (break out retest ...so on... looks bullish but needs a long awaited correction)
3. SPLV forming what could be an obvious 5 wave impulse to the upside
4. Bulls never did reach our 4,000 target, and the market may still move higher to achieve that goal
I think the price waves do tell the story, as far a news goes this week is loaded.
Penafian
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