Short term top is in
Today's price action met our projection for a short term high of 1,582 in $SPX, which was announced in last Saturday's plan.
Now, we would like to see a precipitous drop that should reach the 1,500 range.
We still need a negative close tomorrow for confirmation of this trend.
Overall, we maintain the position that what we experienced since April 18 is a short term correction upwards of a larger wave down.
A close above 1,602 will invalidate our scenario.
Appreciate your blog.I am on the same page that this is a contra trend correction up but difficult to be a bear when u have 75% retracments up. I use elliot wave for my analysis and like to keep it simple.
ReplyDeleteAgree that tomorrow could be critical to whether a "downtrend" is in place and that this correction reaches SPX ~1500. Nice reversal, although small, today. The drop could be swift, if it happens.
ReplyDeleteLove your posts, not only are they concise , but they are spot on.Thanks for your work.
ReplyDeleteGreat Site, Great Analysis.
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