First congratulations to Trading View member brchart, who on June 28th commented on my SPX post that the SPX June 13th top may have been wave "d" of a still developing Elliott wave Horizontal Triangle from the January 2018 peak. Great work! This could be what's happening in the SPX.
What makes this count a strong probability is the 30 minute P/C ratio. In an ideal Horizontal Triangle that corrects the progress of a bull market, sentiment should get more bearish as the triangle contracts and price rises at the "c" and "e" bottoms.
The 30 minute P/C ratio has not exceeded the high made on the February 9th bottom at 2532. But the "(C) and (E) bottoms have P/C ratios in the same general area as the February 9th reading. The reading made at the June 28th bottom is the second highest P/C ratio since February 9th, fascinating considering the SPX was 160 points higher on June 28th then it was on February 9th.
There's also Fibonacci evidence, wave (E) is close to a .382 relationship to wave (C).
Also note I have changed the degree of the Elliott wave labeling. I have modified my long term SPX Elliott wave count which I will post very soon.
Mark
What makes this count a strong probability is the 30 minute P/C ratio. In an ideal Horizontal Triangle that corrects the progress of a bull market, sentiment should get more bearish as the triangle contracts and price rises at the "c" and "e" bottoms.
The 30 minute P/C ratio has not exceeded the high made on the February 9th bottom at 2532. But the "(C) and (E) bottoms have P/C ratios in the same general area as the February 9th reading. The reading made at the June 28th bottom is the second highest P/C ratio since February 9th, fascinating considering the SPX was 160 points higher on June 28th then it was on February 9th.
There's also Fibonacci evidence, wave (E) is close to a .382 relationship to wave (C).
Also note I have changed the degree of the Elliott wave labeling. I have modified my long term SPX Elliott wave count which I will post very soon.
Mark