S&P 500Long
Whither SPX? 170810
I hadn't charted SPX in quite some time. But like everyone, I'm curious how far this market can go before it finally tops out. There are a lot of possibilities on this chart! Basically this is a 1 hour chart look at the 4 hour, daily, weekly and monthly charts. I was curious how this might work out because SPX appears to be in a complex wave 4 on the 4 hr of wave 5 of wave 5 of wave 5. BTW I don't use Elliott Wave symbols correctly. I use colors and font size on my own charts. Although I use the Elliott tools provided by TradingView for a fast look, It's the colors that depict what chart the wave count is at for me. FWIW: Black = Monthly, Magenta = Weekly, Blue = Daily, Green = 4 hr, Cyan = 1 hr, Purple = 15 min, etc. No rhyme or reason for these particular colors on these particular time frames. Just chose them randomly.
CAUTION!!! DON'T TRY TO TRADE THIS ANALYSIS!!!
If I were trading this, I would be using tiny, tiny, position sizes that you could easily X10 with no discomfort on a day trade to recover any loss you might incur on a tiny trade. Frankly, probably not worth the effort for the return you might get unless it's just for fun. Bottom line: I think SPX still has some upside to it based on this analysis. My preferred view at this point is corrective wave C of wave 4 on the 4 hour. Although it appears to be showing a bear flag on the 15 minute. We shall see. Comments welcome.
Good Luck with your trading!
CAUTION!!! DON'T TRY TO TRADE THIS ANALYSIS!!!
If I were trading this, I would be using tiny, tiny, position sizes that you could easily X10 with no discomfort on a day trade to recover any loss you might incur on a tiny trade. Frankly, probably not worth the effort for the return you might get unless it's just for fun. Bottom line: I think SPX still has some upside to it based on this analysis. My preferred view at this point is corrective wave C of wave 4 on the 4 hour. Although it appears to be showing a bear flag on the 15 minute. We shall see. Comments welcome.
Good Luck with your trading!
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