S&P 500 Index -- Elliott Wave update for week ending 1/2/2015
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2015 Jan 5, 8:58am 931 views 4 comments
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2015 Jan 6, 10:07am
Today price is testing the most logical point of test 2000+/- and possible resuming upward momentum. A close above 2020 will add 1 more pos. indication. Today price also filled the gap created on 12/18 another pos. indication
On the other hand a wkly. close below the last 5 weeks (1972) of trading has indication for a test in the 1900 area.
Done
2015 Jan 7, 7:29am
I'm watching DXY for a reaction @92.65 followed with a retest possibly back to 88.77+/-. This will be opportunity to conclude US equity market intent which my probabilities have them breaking highs and going up up and away. Energy sector tugging it down so anticipating oil to test higher in a minor fashion. Also looking for Gold/Silver to complete their 2nd stage failure.
http://www.marketwatch.com/investing/index/dxy
http://www.marketwatch.com/investing/future/crude%20oil%20-%20electronic
http://www.marketwatch.com/investing/Future/GOLD?countrycode=US
Done
2015 Jan 8, 7:50am
I'm thinking the bear trap the majority are looking for came in Sept/Oct. The 2000 watermark may be the low for a time to come.
If price does not close below 1972.58 and break the low of that day if it were to come S&P has all the probability of heading to 2150+/- with a possible retest of sellers looking for the bear trap they missed in Sept/Oct before heading to 2250+/-.
The S&P 500 Index declined in a five wave pattern this week, putting into question the likelihood of the ending diagonal triangle I hypothesized last week. Minuette wave (i) appears complete and a correction into wave (ii) looks to be underway. The general trend should continue downward.
http://www.globaldeflationnews.com/sp-500-indexelliott-wave-update-for-week-ending-122015/