Short

Updated

S&P500 all the way to the moon? where is limit?

well. I was counting this for almost 3 weeks as bearish but all the possibles got invalidated
we are at a level the there is no resistance level in front so it is hard to predict the limit.

first lets have look at the monthly chart.

I need to mention although it might look as an expanding triangle but the dimension of this triangle dose NOT meet what is written in the text book
for example the book say :Subways B,C,D each retrace at least 100% but not more than 150% of the preceding wave" Elliot wave principle , Frost page 91. this is invalidated in out case

all we have now is just a trend line that connects to peaks and RSI
I am gonna make my prediction mainly based on RSI.

The monthly RSI has a resistance level at 68.6

the weekly RSI is also near the bearish resistance level at 68.8

based on these evidence I can guess the market will crash at some level around the box plotted

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I bought some long potions just near the wave 4 and the stop loss is bellow the wave 4. this is to limit mu short position loss. if market moves higher i will move my stop loss to break even if the market crashes

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all,
I did a recount on the recent move
I am expecting 3570 to be maximum target, if I dose not get extended.

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Although seeing this crashing makes me so happy but I still think we need one more wave up

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it is following the scenario

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my expectation of the last wave is this

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one up and it should be done!
the 8h chart:

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getting close to the fibo cluster

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Right at the target
lets see!!!!

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congratulations :)
job done :)
perfect :)

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scenario 2:

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I still think we need more uptrend

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What I think will happen

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crashed much faster than expected, I think we are getting close to the end of the correction

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in my opinion that will be the end of correction when we touch the target for now.
I needs to re test the high again. I think in monthly chart it wont break the high but who knows.
I might consider buying when I see a buy candle stick. but wait until Monday

Trade closed: target reached

lets celebrate hahahaha
enjoy your weekend
:)

Analyticssage

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Analyticssage

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