It’s time for the August Elliott Wave Count update on the S&P 500. I will show the two most plausible Elliott Wave Counts which remain unchanged from May’s Elliott Wave Update (which successfully targeted 1,000 as a minimum upside target in the S&P 500). Please review that post for deeper context as you read the August update.
I wanted to do a quick update and highlight the 60-minute SP500 intraday chart from the March lows to the June highs and overlay four Fibonacci grids over this move to uncover the hidden confluence zones. Doing so allows us to see why the recent break beneath 880 could be significant.
I take it the morning’s upward move is a shock to many traders – let’s take a quick look at the daily chart and a particular look at the 945 price level and why the market needs to exceed this level to confirm a breakout.
That’s a lot to say in one headline! In addition to a (so far) confirmed downside break of the bearish rising wedge on the S&P 500, an ominous Head and Shoulders pattern has now formed on the 60 minute structure. Let’s take a look at this new development. If there ever was a confluence sell…
Let’s take a quick mid-week look at the S&P 500 daily chart structure for April 22, 2009. While I’ve been making much of the “Bearish Rising Wedge” (which was broken to the downside on Monday), keep in mind that it still looks like we could be forming a “Rounded Reversal” on the Daily chart as…
Here’s the question on everyone’s mind – did the S&P 500 officially break out of its rising wedge pattern this morning? Let’s look. (Click for larger image) A quick look says “Yes,” but always keep a close eye on the risk, and the possibility that this break could be an insidious ‘bear trap.’ The trendlines…
So, what pattern is the S&P 500 forming right now? There’s three main possibilities using classic technical analysis at the moment – let’s take a quick look at these three possible patterns and what they might mean. First, it could be a standard “Rounded Reversal”: (Click on any of these charts for a full-size image)…
The moment Bulls have been anticipating has arrived: The S&P 500 Index officially formed a “Cradle Buy” signal with today’s bullish action (also known as a “Golden Cross”). Let’s see this up close and discover what it might mean. Before we get to the cradle, let’s look at the “Three Push” pattern, or Triple-Swing Positive…
With the S&P 500 closing just shy of 850, will this level hold as resistance? A test of the 20 week EMA and negative volume divergence hint that it may. Keep in mind that the market has recently ‘blown through’ key resistance levels so who’s to say this one is any more important? But it…
As I mentioned in last night’s post “S&P 500 Color Bars,” the S&P needed a little more ‘push’ to switch the color rule green, and that signal has triggered just now. Let’s take a mid-day look at the S&P 500 Index to see key overhead resistance points and see the “Green” Rule triggering on today’s…