In a quick pre-market post, I wanted to show the SPY 15-minute structure which has a possible complete fractal Elliott pattern combined with a “Three Push” Reversal (divergence) reversal pattern in the TICK.

Refer back to my post on Fibonacci confluence support about the 880/885 level in the S&P 500.

We nipped an intraday low near this level on Tuesday, and seem so far to be bouncing above it.

The most important thing to notice is the triple divergence (three push) on the TICK – highlighted in yellow.  As price crested to new lows in three symmetrical ‘pushes,’ the TICK made higher lows and then turned around and made a higher TICK high not seen since midday June 18th.  That’s quite bullish short-term.

Also, and less importantly, we may have completed a short-term Elliott Wave five-wave fractal, though I’m concerned the 5th wave might be too short… but still within the guidelines.

An initial target might be the $90.50 to $91.00 area in the SPY, but let’s see how the market behaves as we potentially approach those areas.

Pre-market futures are up and today is a “Fed Day” (which could see lots of volatility) so let’s see what happens and how this potential structure plays out.

Corey Rosenbloom, CMT
Afraid to Trade.com

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